Federal Reserve Chairman Jerome Powell has said he intends to serve his full four-year term as head of the Federal Reserve, after the White House explored ways of removing him from the job amid criticism from President Donald Trump.
"I think the law is clear that I have a four year term, and I fully intend to serve it," Powell said at a press conference in Washington on Wednesday after policymakers met to discuss interest rates. They left the benchmark rate unchanged, while signaling that a cut has become more likely.
Bloomberg News reported Tuesday that the White House in February had examined the legality of stripping the chairmanship from Powell and demoting him back to a Fed governor. In December, there were reports that Trump had discussed firing Powell amid mounting frustration over interest-rate increases last year.