U.S. President Donald Trump calls on the Fed’s chairman to resign immediately to escalate his attack on Jerome Powell.
Trump said in one of his articles: “‘too late’ should resign immediately!!!” Truth social platform.
He also included a link to a news article about the U.S. federal housing regulator, requesting an investigation into Mr. Powell’s testimony about his renovation of the Central Bank’s Washington headquarters.
Trump nominated Powell to serve as Fed chairman during his first term. He has repeatedly criticized him for not lowering interest rates since, but it is unclear whether the president has the right to evacuate him from his post.
Although the president has been criticized for Mr. Powell, he said earlier this year, he had “no intention to fire him.”
Trump hopes the Fed lowers interest rates to help boost economic growth.
Mr. Powell said Tuesday that the Fed would have lowered interest rates if it weren’t for the impact of Trump’s tariff policy.
When asked at the Central Bank meeting in Portugal, whether U.S. interest rates will be lowered again this year if the government has not announced its plans to dramatically increase tariffs on countries around the world.
The U.S. Federal Reserve declined to comment on Trump’s remarks when contacted by the BBC.
Mr. Powell was renamed to the position by then-President Joe Biden, whose current term is scheduled to end in May 2026.
Mr. Powell said he would not resign until Trump resumes power early this year, if the president asks him to do so and “not allowed by law” the White House to force him out.
According to a 1935 U.S. Supreme Court ruling, board members of independent federal agencies like the Federal Reserve can only be forced to expire before their terms expire “for reasons.”
But Trump often challenges political norms, including firing some independent regulators and filing lawsuits in court.
On Wednesday, Bill Pulte, the Federal Housing Finance Director who had previously strongly criticized Mr. Powell, called for an investigation into him.
“I ask Congressional investigation chairman Jerome Powell, his political bias and his deceptive Senate testimony, to remove it for ’cause’” He posted on x.
Last week, Mr. Powell told the Senate that the report on the rising cost and expensive functions of the Fed headquarters was “misleading and inaccurate in many ways.”
Health & Wellness Contributor
A wellness enthusiast and certified nutrition advisor, Meera covers everything from healthy living tips to medical breakthroughs. Her articles aim to inform and inspire readers to live better every day.
