In a surprising move, President Donald Trump has publicly demanded the immediate resignation of Federal Reserve Chair Jerome Powell, heightening his ongoing criticism of the central bank's policies.
Trump Demands Immediate Resignation of Federal Reserve Chair Jerome Powell
Trump Demands Immediate Resignation of Federal Reserve Chair Jerome Powell
President Trump escalates attacks on Fed's leadership, calling for Powell's resignation via Truth Social post.
Trump's demand was posted on his Truth Social platform, where he expressed discontent with Powell, whom he nominated during his presidency. The call for resignation follows claims from a federal housing regulator that Powell should be investigated due to discrepancies in his testimony concerning the Fed's headquarters renovations. Despite his prior assertion that he had "no intention of firing" Powell, Trump's frustration appears rooted in the central bank's reluctance to lower interest rates, a move he believes is vital for stimulating economic growth.
In a recent conversation, Powell attributed the Fed's hesitation to cut rates to the effects of Trump's own tariff policies. He confirmed that if not for the administration’s tariffs, the rates may have already been adjusted lower. The Federal Reserve has not publicly addressed Trump's recent remarks. Powell, who has been renominated by President Joe Biden, remains in his position until May 2026 unless he is removed "for cause," as specified by a 1935 Supreme Court ruling regarding independent federal agency board members.
As the political climate continues to shift, the debate between Trump and Powell hints at deeper ramifications within U.S. economic policy and governance. Recently, Federal Housing Finance Agency director Bill Pulte echoed Trump’s sentiments, pushing for an investigation into Powell’s alleged political biases. This ongoing confrontation reflects Trump's broader tendency to challenge established norms and regulations, as evidenced by his past dismissals of independent regulators.
Overall, Trump's demands signal a turbulent relationship with the Federal Reserve amidst evolving economic challenges.
In a recent conversation, Powell attributed the Fed's hesitation to cut rates to the effects of Trump's own tariff policies. He confirmed that if not for the administration’s tariffs, the rates may have already been adjusted lower. The Federal Reserve has not publicly addressed Trump's recent remarks. Powell, who has been renominated by President Joe Biden, remains in his position until May 2026 unless he is removed "for cause," as specified by a 1935 Supreme Court ruling regarding independent federal agency board members.
As the political climate continues to shift, the debate between Trump and Powell hints at deeper ramifications within U.S. economic policy and governance. Recently, Federal Housing Finance Agency director Bill Pulte echoed Trump’s sentiments, pushing for an investigation into Powell’s alleged political biases. This ongoing confrontation reflects Trump's broader tendency to challenge established norms and regulations, as evidenced by his past dismissals of independent regulators.
Overall, Trump's demands signal a turbulent relationship with the Federal Reserve amidst evolving economic challenges.
