Trump weighed ousting Powell in 2018, but the Fed chief told then-Treasury Secretary Steven Mnuchin that he would fight his removal, according to the Wall Street Journal.

Jerome Powell was prepared to go to court when the president floated his dismissal six years ago. If it happens again, the Fed chair might have to pay the legal tab himself.

Powell was nominated by Trump in 2017 to succeed now-Treasure Secretary Janet Yellen. President Joe Biden chose to put him forward for another term in 2021 despite the objection of progressive members of his party. Powell’s term as Fed chair expires in May 2026, and he has previously signaled that he intends to serve the full four years.

Jerome H. Powell, the chairman of the central bank, has been a frequent target of the president-elect, who appointed him in 2018.

Federal Reserve Chair Jerome Powell said he would not resign from his position if President-elect Donald Trump asks him to do so.

Jerome Powell has made it clear that if President Donald Trump attempts to fire him, he’ll sue. He’s said it once, he’s said it a hundred times: The Federal Reserve’s chair can’t be tossed out simply because the Oval doesn’t like interest rate policy.

Many economists are already scaling back their expectations for the number and pace of Federal Reserve rate cuts next year on account of policies expected from a new Trump administration.