There is no reason to believe President Trump will ask Jerome Powell to resign; however, with trillions at stake and the power system (bankers) generally in charge of the government, the media has been manufacturing and pushing a hostile narrative about it for quite some time.

Powell’s term on the Fed Board of Governors ends in mid-2026. The president nominates, and the Senate confirms, the FED Board’s chair and two vice chairs for four-year terms. President Trump picked Jerome Powell, then a governor, to be chair, succeeding Janet Yellen when her term was up in 2018. Powell’s term as chair extends to February 2022.

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At the news conference announcing the Fed’s decision to lower interest rates by a quarter point Powell was questioned if he would leave his post if asked by Trump, he answered simply, “No.”

Asked if the president could fire or demote him or other Fed governors, Powell simply replied: “Not permitted under the law.”

The Follow up is below.

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