BlockBeats news, on July 25th, according to CNN, US Securities and Exchange Commission (SEC) Chairman Powell told several colleagues and allies that he will never succumb to Trump's call for him to resign, and vowed to withstand unprecedented and multifaceted attacks from Trump in the coming months for refusing to cut interest rates. Powell privately stated that his retention is not only due to personal reasons, but also because his position as chairman is closely related to the overall independence of the Federal Reserve. Resignation now will weaken the Fed's long-standing independence from political interference. Powell strongly believes that his responsibility is to maintain this independence.
Powell briefly served in the George W. Bush administration and was known for his rigorous, non partisan "outspokenness" image during his more than decade of work at the Federal Reserve, which helped him be nominated by Trump as Fed Chair in 2017. However, the style that was appreciated by Trump during his first term has now become Powell's weakness. Trump has repeatedly expressed dissatisfaction with Powell's unwillingness to respond to his requests for interest rate cuts, saying, "It's like talking to a chair and not responding
The White House has spent a lot of time in recent weeks focusing on the Federal Reserve's $2.5 billion renovation project, launching an investigation into the project's overspending, and suggesting that this may be the reason for Powell's dismissal. On Thursday of this week, Trump increased pressure by personally visiting the construction of the project at the Federal Reserve, with Powell personally accompanying him. Trump patted Powell's back and said, 'I just want to see one thing happen, interest rates must come down.' One Trump advisor likened this pressure to 'boiling a frog in warm water.'. Either Powell jumps out, or he gets cooked
