In an interview with Bloomberg Businessweek, Republican presidential candidate and former U.S. President Donald Trump said he would allow Federal Reserve Chairman Jerome Powell to complete his term if he won the upcoming November election.
“I would let him do it, especially if I thought he was doing the right thing,” Trump said. President Joe Biden reappointed Powell to a second four-year term as head of the Federal Reserve in May 2022.
Powell, who is also Fed chairman, will remain in that role until January 31, 2028.
The statement represents a significant shift for Trump, who previously clashed with Powell during his presidency. Powell, who began his term as Fed chairman in February 2018, has often been criticized by Trump for his approach to interest rate policy.
In 2019, Trump openly criticized the Federal Reserve and Powell, even though the central bank had cut interest rates three times that year, to a target range of 1.5% to 1.75%. Trump argued that the United States was at an economic disadvantage compared to other nations with lower interest rates.
As recently as February of this year, Trump told Fox Business that he would not reappoint Powell as Fed chairman, suggesting that Powell’s decisions could benefit Democrats politically. “I think it’s political,” Trump told reporter Maria Bartiromo. “I think he’ll do something to help Democrats, I think, if he lowers interest rates.”