Powell once said, "I will never leave early unless I am dead," the last fortress of the independence of the Federal Reserve (FED).

Recently, the question of whether Federal Reserve Chairman Jerome Powell will resign early has once again become a focal point for global financial markets. President Trump has repeatedly applied pressure and questioned the renovation project of the Federal Reserve headquarters, raising concerns about whether the independence of the Federal Reserve will be compromised. (Background: The U.S. "GENIUS" stablecoin bill's implementation does not mean freedom; regulatory constraints have just begun.) (Supplementary background: Milestone! The U.S. passes three cryptocurrency bills: GENIUS stablecoin, Clarity regulation, and anti-CBDC law sent to Trump for signature.) Federal Reserve Chairman Jerome Powell has recently come under scrutiny again due to the renovation of the Fed headquarters significantly exceeding budget, as the market fears that Trump may use this as a reason to dismiss Powell, although he later emphasized that it is "unlikely" he would do so. Democratic Senator Elizabeth Warren believes that the controversy surrounding the renovation project is merely an excuse to "find a reason to fire him." JPMorgan CEO Jamie Dimon and other Wall Street leaders have publicly called for the maintenance of central bank independence as crucial for the economy and financial markets. This power struggle not only affects the independence of the Federal Reserve but also keeps global investors closely monitoring the future direction of U.S. monetary policy. Powell's insistence that he "will not step down early" In this context, a recent article in Fortune reviews how Powell faced pressure from then-President Trump in 2019. At that time, due to the escalating trade war, Trump frequently pressured the Federal Reserve to lower interest rates and publicly questioned Powell's leadership capabilities, demanding his resignation. However, during a congressional hearing, then-Chairwoman Maxine Waters asked Powell, "If you received a call from the president today or tomorrow saying, 'I'm firing you. Pack your bags, you're out.' What would you do?" Powell replied: "I certainly wouldn't do that... the law clearly states my term is four years, and I intend to serve it fully." According to Wall Street Journal reporter Nick Timiraos in his book "Trillion Dollar Triage," Powell's private attitude was even more resolute, stating, "I will never resign unless I die." This is not only a commitment to personal honor but also a defense of the institutional independence of the Federal Reserve. Note: Despite Trump's repeated attacks, Powell did lower interest rates slightly by 0.25% later that year, but did not further loosen policy as Trump expected. Now, amid concerns of stagflation triggered by Trump's new round of tariffs, the Federal Reserve has yet to lower interest rates, and Trump's dissatisfaction has risen again. However, historically, Powell is not someone who easily abandons ship; he would rather sink with the ship than sacrifice the independence of the Federal Reserve. The dual variables of law and markets According to current U.S. law, the president does not have the authority to directly remove the Federal Reserve chair. Powell's term as chairman runs until May 2026, and theoretically, he could continue as a board member until January 2028. Historically, the chair of the Federal Reserve typically also serves as the chair of the Federal Open Market Committee (FOMC), but regulations allow for the separation of the two roles. This means that even if Powell resigns as chair, he could still participate in FOMC decision-making as a board member, further complicating market expectations. U.S. Treasury Secretary Scott Bessent has recently stated that the search for Powell's successor has begun and suggested that Powell should resign from his board position as well to prevent market chaos. Related reports: Perena collaborates with Brale to launch "U.S. regulated stablecoin USD," now live on Solana. Not a fan of stablecoins? JPMorgan: European and Singaporean regulators prefer "tokenized deposits"—an analysis of the reasons behind this. Is China anxious? The Service Trade Association launched a high-level training course on "Stablecoins and Innovative Development of Cross-Border E-Commerce" in August. (Powell once said: "I will never resign early unless I die; the last bastion of Federal Reserve independence.") This article was first published in BlockTempo, the most influential blockchain news media.