Trump Denies Report on Planned Powell Demotion – NMP
Regulation and Compliance

Trump Denies Report on Planned Powell Demotion

Jun 24, 2019
Photo credit: Getty Images/olya_steckel

President Trump has pushed back on a news report from last week that he contemplated demoting Federal Reserve Chairman Jerome Powell.
 
In a Sunday interview with NBC’s “Meet the Press,” the President stated, “I didn’t ever threaten to demote him. I’d be able to do that if I wanted, but I haven’t suggested that.”
 
The Federal Reserve has raised interest rates seven times since Trump took office in January 2017. The President continued to criticize Powell for his decisions to raise rates.
 
“Obama had someone that kept the rates very low,” Trump said, referring to Powell’s predecessor Janet Yellen, whom Trump opted not to reappoint for a second term. “I had somebody that raised the rates very rapidly–too much. He made a mistake, that’s been proven.”
 
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Phil Hall
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Jun 24, 2019
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