In a post on his Truth Social platform, Trump stated, "'Too Late' should resign immediately!!!" referencing a news piece highlighting a call for an investigation into Powell's recent congressional testimony regarding the Federal Reserve's Washington headquarters. Trump, who originally nominated Powell during his presidency, has persistently criticized him for not lowering interest rates. Although he has expressed frustration over Powell's policies, he previously stated he had "no intention of firing him."
Trump Demands Federal Reserve Chair Jerome Powell Resign Immediately
Trump Demands Federal Reserve Chair Jerome Powell Resign Immediately
In a sharp escalation of rhetoric, former President Donald Trump has called for the immediate resignation of Federal Reserve Chair Jerome Powell, intensifying ongoing tensions over monetary policy.
Powell has attributed the Fed’s reticence in cutting rates to the adverse effects of Trump's tariff policies, saying in Portugal that rates would likely have been reduced already without such interventions. When approached for comment on Trump's latest demands, the Federal Reserve refrained from responding.
Powell’s current term, which was extended by President Joe Biden, is set to conclude in May 2026. Refuting any possibility of resignation, Powell emphasized earlier this year that he cannot be removed from his role unless there is valid cause, according to a Supreme Court ruling. Nonetheless, Trump has proven willing to challenge the limits of executive authority, demonstrating hostility towards various independent regulatory bodies during his prior administration.
Adding a new layer to the controversy, Federal Housing Finance Agency director Bill Pulte has called for Congressional investigations into Powell's alleged political biases and Senate testimony discrepancies, which he claims provide grounds for removal. This follows Powell's assertion that claims about extravagant spending at the Fed's premises are fundamentally flawed. The feud between Trump and Powell continues to highlight political divisions in the U.S. economic landscape.
With the political climate ever-changing, the implications of these tensions extend beyond personal grievances, impacting broader economic stability as the U.S. heads toward another presidential election cycle.
Powell’s current term, which was extended by President Joe Biden, is set to conclude in May 2026. Refuting any possibility of resignation, Powell emphasized earlier this year that he cannot be removed from his role unless there is valid cause, according to a Supreme Court ruling. Nonetheless, Trump has proven willing to challenge the limits of executive authority, demonstrating hostility towards various independent regulatory bodies during his prior administration.
Adding a new layer to the controversy, Federal Housing Finance Agency director Bill Pulte has called for Congressional investigations into Powell's alleged political biases and Senate testimony discrepancies, which he claims provide grounds for removal. This follows Powell's assertion that claims about extravagant spending at the Fed's premises are fundamentally flawed. The feud between Trump and Powell continues to highlight political divisions in the U.S. economic landscape.
With the political climate ever-changing, the implications of these tensions extend beyond personal grievances, impacting broader economic stability as the U.S. heads toward another presidential election cycle.
