Jerome Powell has brushed off criticism levelled at him by President-elect Donald Trump, but said he was ‘partly right’ about one thing.
The Federal Reserve Chair was asked about comments made by Trump on his presidential campaign trail at the New York Times’ DealBook Summit in New York City on Wednesday.
Journalist Andrew Ross Sorkin read out comments made by the President-elect in October, where he made light of the job of Fed Chair.
‘It’s the greatest job in government. You show up to the office once a month and you say, “Let’s see, flip a coin,” and everybody talks about you like you’re a God,’ he said.
In response, Powell said: ‘He’s right. The part about it being the greatest job, he might well be right.
‘I do love the work and it’s a special place to be surrounded by people who are so dedicated and to know that your work really matters for people. It’s a very special honor to do that work.’
Sorkin then asked if Powell ‘laughed’ when he heard that comment.
‘I thought: “he’s partly right there,’ Powell said, laughing. ‘But he’s not right about the coming to work once every month.’
It comes as Trump has repeatedly voiced his frustrations with Powell over the years, and even threatened to remove him from his role as Fed Chair – an unprecedented move for any president.
Jerome Powell has brushed off criticism levelled at him by President-elect Donald Trump, but said he was ‘partly right’ about Fed Chair being the best job in government
During the interview, Powell was also asked whether he thinks there is a risk of the Fed losing its historic independence under a second Trump administration.
During the election campaign, Trump insisted he should have a ‘say’ in the Fed’s interest rate policies as president.
‘I’m not concerned that there’s some risk that we would lose our statutory independence,’ he said.
‘There is very, very broad support’ for the Fed to pursue monetary policy ‘for the benefit of all Americans at all times, not for any particular political party or political outcome,’ he continued.
During a press conference following the announcement of the Fed’s latest interest rate decision last month, Powell also explicitly said he would not resign as Chair if asked to do so by Trump.
He added that it was ‘not permitted under the law’ for a president to fire or demote a Fed Chair.
The Federal Reserve Chair was asked about comments made by Trump on his presidential campaign trail at the New York Times’ DealBook Summit in New York City on Wednesday
Trump has repeatedly voiced his frustrations with Powell over the years, and even threatened to remove him from his role as Fed Chair (Pictured in 2017)
During his campaign cycle, Trump said of Fed decisions: ‘I feel the president should have at least say in there.’
Powell, a Republican with a background in private equity, was originally appointed to lead the Fed by Trump in 2018. President Joe Biden later reappointed him for a second term.
During Trump’s first term, the pair clashed repeatedly, and the then-president even openly considered replacing Powell in 2018.
Trump has taken issue with what he considers the Fed’s lack of transparency, criticizing its private policy meetings and the delayed release of discussion notes.
According to CNN, Trump’s aides have suggested that he’d prefer real-time publication of Fed minutes and economic reports, with meetings held on-camera for greater public insight.
During his campaign cycle, Trump said of Fed decisions: ‘I feel the president should have at least say in there.
‘In my case, I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve, or the chairman.’
