Powell stands his ground against Trump, will continue role as Federal Reserve Chair

Chair of the Federal Reserve Jay Powell says he intends to serve the entirety of his four-year term.
1:47 | 07/11/19

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Transcript for Powell stands his ground against Trump, will continue role as Federal Reserve Chair
Turning now live to the head of the nation's Central Bank the Federal Reserve making a little bit a news this afternoon in his testimony in Capitol Hill hit dean. He could be about to cut interest rates that could send market's climb email or were already up today it's also signed a perhaps the economy isn't as strong. As it once was thought to be Jay Powell you see in there on the hill. Also made a little bit and news about his relationship with president trump. Here's how we answered that question. Mr. chairman if you've got a call from the president to end today or tomorrow. And he said I'm firing you pack up it's time to go what would you do. Of course I would not do that I can hear you. My answer would be no. And you would that pack up and you it bluntly the map because you think the president doesn't have the authority. Is that why you would gladly. I have I'm kind of said what I what I've. Intended to say on the subject and what I've said is that the law clearly gives me a four year term and I fully intend to serve it. Net ban covers the Fed Forrest he's here Matt Palmer a pretty clear very is that going anywhere why is that such a big deal. Well that and this is just a continuation in the long public feud between the president and his own pick for the Federal Reserve to Rome Powell. I'm the president has long signaled is displeasure with chairman Powell he told our own George Stephanopoulos last month that he's running out of patience. With that Sherman today we saw several committee Democrats and even Republicans say that they would come to his support if the president were to try to oust him. So that's a big deal stability for the market's stability at the Fed he's not going anywhere big deal to watch mad and thanks for thanks for your reporting much more on ABC news that.

This transcript has been automatically generated and may not be 100% accurate.

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