In a recent post on his Truth Social platform, President Donald Trump intensified his criticism of Jerome Powell, urging him to resign “immediately.” This outburst comes amidst ongoing tensions over interest rate policies, which Trump believes hinder economic growth. Powell, who was nominated by Trump himself, has faced relentless scrutiny from the president, although it remains unclear whether Trump has the legal authority to remove him from office.
Trump Demands Immediate Resignation of Federal Reserve Chair Jerome Powell
Trump Demands Immediate Resignation of Federal Reserve Chair Jerome Powell
In a bold move, President Trump has publicly called for the resignation of Jerome Powell, the chair of the Federal Reserve, citing dissatisfaction with the central bank's interest rate decisions.
Trump indicated his discontent following a statement from the Federal Housing Finance Agency (FHFA) suggesting Powell’s testimony regarding renovations at the Fed’s headquarters should be investigated. Recently, Powell responded to questions about potential rate cuts, emphasizing that the impact of Trump’s tariff policies has influenced the Federal Reserve's decisions. Despite past assertions that he would not fire Powell, Trump’s latest remarks reflect a significant escalation in their contentious relationship.
The Federal Reserve has refrained from commenting on the president's latest demands. Legal analysts note that the chair of the Fed can only be dismissed for valid reasons, a principle upheld by a 1935 Supreme Court ruling. Nonetheless, Trump’s history of challenging established norms raises questions about potential future actions.
Meanwhile, FHFA director Bill Pulte publicly joined Trump in criticizing Powell, calling for Congressional inquiry into the Fed chair’s alleged political biases and misleading statements. This growing criticism underscores the friction between Trump’s administration and the Federal Reserve, complicating the economic landscape as the 2024 presidential election approaches.
The Federal Reserve has refrained from commenting on the president's latest demands. Legal analysts note that the chair of the Fed can only be dismissed for valid reasons, a principle upheld by a 1935 Supreme Court ruling. Nonetheless, Trump’s history of challenging established norms raises questions about potential future actions.
Meanwhile, FHFA director Bill Pulte publicly joined Trump in criticizing Powell, calling for Congressional inquiry into the Fed chair’s alleged political biases and misleading statements. This growing criticism underscores the friction between Trump’s administration and the Federal Reserve, complicating the economic landscape as the 2024 presidential election approaches.
