Powell’s 14-year term on the Fed’s board of governors will end in 2028.
Washington:
US presidential nominee Donald Trump would let Federal Reserve Chair Jerome Powell complete his four-year term to 2026 if he returns to the White House, he said in an interview published Tuesday.
“I would let him serve it out, especially if I thought he was doing the right thing,” Trump told Bloomberg Businessweek, according to CNBC’s website.
In April, it was reported that allies of Trump’s campaign were drafting various proposals to weaken the independence of the US central bank, the most radical of which involved firing its chairman.
Trump regularly criticizes Powell, who he selected to head the Fed when he was in the White House.
In February, the Republican decried Powell’s decision to lower interest rates in 2024, saying it would help the Democratic Party win the presidential election.
He also said he would not reappoint him if elected president.
Powell was first brought onto the Fed’s board of governors by Democratic president Barack Obama in 2012.
Trump appointed him to lead the financial institution in 2018 and President Joe Biden selected him to serve a second term in 2022.
Powell’s 14-year term on the Fed’s board of governors will end in 2028.
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