Federal Reserve Chairman Jerome Powell has quietly insisted that he will not resign from his position despite ongoing pressure from the White House, CNN reported on Friday.
Powell has recently told several close allies and associates that he is planning to serve out the rest of his term, which ends in May 2026, multiple anonymous sources told CNN. The report comes as President Donald Trump and other Republicans have been calling for Powell to resign in recent months due to him declining to slash interest rates.
“He [Powell] feels very strongly that his responsibility is to maintain that independence,” Republican South Dakota Sen. Mike Rounds told CNN. “I’ve asked him, and he says no, that would reduce the independence of the Federal Reserve.”
“The vast majority of the members of the Senate are smart enough to have been in contact with the markets, they’ve observed the markets, they know what an impact it would be on the markets should there be any inkling that the Fed was being coerced,” Rounds told the outlet. “[Powell’s] in the right position. He’s got a very tough position, but I respect him for the position he’s taken.”
One anonymous Trump adviser told CNN that “every day that Jerome Powell is in Washington is a gift to the president.” The adviser also compared the growing pressure to step down Powell has faced from some Republicans to boiling a frog, CNN reported.
“Either Jerome Powell leaps or he boils,” the adviser told the outlet.
Additionally, Federal Housing Finance Agency Director Bill Pulte wrote on X Thursday that Powell “must resign.” Similarly, Republican Alabama Sen. Tommy Tuberville wrote in a post to X on Thursday that it was “a great day to fire” the Fed chairman.
The Federal Reserve Board did not immediately respond to the Daily Caller News Foundation’s request for comment.
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