Jerome Powell has dismissed criticism from newly elected President Donald Trump, but said he was “partially right” about one thing.
The Federal Reserve chairman was asked about Trump’s comments on his presidential campaign trail at the New York Times DealBook Summit in New York City on Wednesday.
Journalist Andrew Ross Sorkin read comments the president-elect made in October making light of the job of Fed chairman.
‘It is the best job in government. “You come into the office once a month and say, ‘Let’s see, flip a coin,’ and everyone talks about you like you’re a God,” he said.
In response, Powell said, “He’s right. As for this being the best job, he might be right.
‘I love the work and it is a special place to be surrounded by people who are so dedicated and to know that your work really matters to people. It is a very special honor to be able to do that work.’
Sorkin then asked if Powell “laughed” when he heard that comment.
“I thought, ‘He’s partly right,’” Powell said with a laugh. “But he’s not right about coming to work once a month.”
It comes as Trump has repeatedly expressed frustrations with Powell over the years and even threatened to remove him from his role as Fed chairman — an unprecedented move for any president.
Jerome Powell has dismissed criticism from President-elect Donald Trump, but said he was ‘partly right’ that Fed chairman is 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 emphasized that as president he should have a say in the Fed’s interest rate policy.
“I’m not concerned that there is any risk of us losing our legal independence,” he said.
“There is very, very broad support” for the Fed to conduct monetary policy “at all times for the benefit of all Americans, and not for any particular political party or political outcome,” he continued.
During a press conference after announcing the Fed’s latest interest rate decision last month, Powell also explicitly said he would not resign as chairman if Trump asked him to do so.
He added that it is not “permitted under the law” for a president to fire or demote a Fed chairman.
The Federal Reserve chairman was asked about Trump’s comments on his presidential campaign trail at the New York Times DealBook Summit in New York City on Wednesday.
Trump has repeatedly expressed frustrations with Powell over the years and even threatened to remove him from his role as Fed chairman (pictured in 2017)
During his campaign cycle, Trump said of the Fed’s decisions, “I think the president should at least have a say in that.”
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.
The two clashed repeatedly during Trump’s first term, and the then-president even openly considered replacing Powell in 2018.
Trump has criticized what he sees as the Fed’s lack of transparency, criticizing its private policy meetings and delayed publication of discussion papers.
According to CNN, Trump’s aides have suggested he would 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 the Fed’s decisions, “I think the president should at least have a say in that.”
“In my case, I made a lot of money, I was very successful, and I think I have better instincts than, in many cases, people who would be at the Federal Reserve, or the chairman.”