Two White House advisers, responding to news reports that President Donald Trump was inquiring about firing Federal Reserve chairman Jerome Powell, said the president now understands that he lacks the authority to do so.

One of the advisers, Mick Mulvaney, the incoming acting White House chief of staff, made his comments Sunday, echoing comments made by Treasury Secretary Steve Mnuchin.

Their statements came after news reports began circulating that Trump had asked aides whether he could fire Powell. The Fed traditionally has operated independently of the presidency as it seeks to keep inflation stable and the economy running at maximum employment.

Trump previously told advisers that Powell will “turn me into Hoover,” a reference to Great Depression-era President Herbert Hoover. Trump also has repeatedly disparaged the Fed for increasing interest rates.

In tweets Saturday, Mnuchin said he had spoken with Trump and the president had told him: “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time, especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”

Mulvaney said on ABC’s “This Week” that the president did not believe he has the authority to fire Powell. But Mulvaney added that he had heard that from Mnuchin, not from Trump.

Mnuchin has been under pressure from Trump to stabilize markets, which are on pace for the largest December declines since the 1930s. In a statement Sunday, Mnuchin said he had contacted the chief executives of six major banks to make sure their operations were running smoothly.

He then startled financial analysts, bankers and economists by declaring that the nation's six largest banks had ample credit to extend to American businesses and households, an issue that had attracted little concern before Mnuchin's tweets.

The statement came after a sharp sell-off that made last week the worst for U.S. markets in a decade. Trump has been furious at the sell-off, and efforts by Mnuchin to inspire confidence in the market have so far failed.