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Powell was nominated by Trump in 2017 to succeed now-Treasure Secretary Janet Yellen. President Joe Biden chose to put him forward for another term in 2021 despite the objection of progressive members of his party. Powell’s term as Fed chair expires in May 2026, and he has previously signaled that he intends to serve the full four years.

Federal Reserve Chairman Jerome Powell told reporters Thursday he would not step down from his appointed position if Donald Trump asked him to, saying he’d have no obligation to leave if the president requested it before the end of his term in 2026.

Federal Reserve Chair Jerome Powell said he would not resign from his position if President-elect Donald Trump asks him to do so.

Federal Reserve Chair Jerome Powell had a clear, direct response when asked during a press conference Thursday if he would step down if asked to do so by President-elect Trump. “No,” said Powell, whose term as chair ends in 2026.

Jerome H. Powell, the chairman of the central bank, has been a frequent target of the president-elect, who appointed him in 2018.

Fed chair Jerome Powell is expected to face questions about the implications of Donald Trump's return to the White House. Read more here.