BREAKING NEWS: Jerome Powell Tells Donald Trump To Say In His Paygrade

Federal Reserve Chair Jerome Powell said Thursday that he would not resign if president-elect Donald Trump asked him to. Asked whether he would step down amid chatter that Trump's advisers had suggested he do so, Powell replied, "No."

Trump nominated Powell as Fed chairman in 2017 in his first administration. Powell also said that he was not legally required to leave if asked to do so, and that his staff had determined that the president lacked the capacity under the law to demote, at will, him or any other Fed governors. Powell's term is scheduled to end in May 2026.

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