Federal Reserve chair Jerome Powell says he will refuse to step down if President-elect Donald Trump asks him to leave the role.

Trump has previously criticized Powell’s performance in the role, most notably in 2020 during the Covid pandemic when interest rates were kept high.

Speaking at a press conference Thursday to discuss the Fed’s move today to cut its benchmark interest rate by 0.25 percentage points, Powell added that it is not permitted under the law for presidents to fire or demote the Fed chair. 

During the event, Powell avoided answering media questions about the November 5 election, in which Trump defeated Vice President Kamala Harris in a landslide.

“I’m not going to get into the political things here today,” Powell said in response to a question from CBS News’ Kelly O’Grady. 

Trump nominated Powell to lead the Fed in 2017. Powell’s term as Fed chair ends May 15, 2026.

Trump and Powell clashed repeatedly during his first term, with the president-elect threatening to fire him from the role on numerous occasions.

In 2018, Trump said he was considering replacing Powell after the central bank raised interest rates.

After markets crashed at the onset of the pandemic in March 2020, Trump told reporters he had the “right to remove (Powell) as chairman,” stating that “he has, so far, made a lot of bad decisions, in my opinion.”

During the election campaign, Trump described the Fed chair as among the easiest jobs in the US government. “You show up to the office once a month and you say, ‘Let’s flip a coin,’ and everybody talks about you like you’re a god,” Trump said last month at the Economic Club of Chicago.