Washington, D.C. — Former President Donald Trump is intensifying his criticism of Federal Reserve Chairman Jerome Powell, calling for his immediate resignation on a social media platform. This latest demand represents a significant escalation in Trump’s ongoing feud with the central bank chief, whom he previously nominated to the position.
In a recent post, Trump stated, “Too Late should resign immediately!!!,” sharing a link about a federal housing regulator’s recommendation for an investigation into Powell’s testimony regarding the renovations of the Federal Reserve’s headquarters. This mounting scrutiny follows a series of frustrations Trump has expressed over Powell’s reluctance to reduce interest rates, a move the former president believes could bolster economic growth.
Despite his vocal dissatisfaction, Trump had previously asserted there were no plans to remove Powell from his role. The president has repeatedly indicated that he wants the Fed to lower interest rates, a stance Powell has suggested may have been complicated by the economic impact of Trump’s own tariff policies. During a recent international gathering of central bankers, Powell acknowledged that interest rates might already have been cut this year if not for these trade measures.
The ongoing tension reflects a broader struggle over the independence of the Federal Reserve as Trump continues to challenge established norms in Washington. Historically, the president has limited powers over federal agency appointments once they are confirmed, with a Supreme Court ruling stipulating that officials can only be dismissed before their terms end under specific conditions.
Joe Biden later renominated Powell, whose current term runs until May 2026. In anticipation of Trump’s potential return to the presidency, Powell has stated he would not resign even if pressured to do so. He emphasized that the law protects him from arbitrary dismissal by the White House.
Adding to the mix, Bill Pulte, head of the Federal Housing Finance Agency and a past critic of Powell, has called for legislative action alleging political bias in Powell’s recent testimonies. On social media, Pulte suggested Powell’s statements were misleading and warranted congressional examination, igniting further scrutiny of the Fed chairman’s actions.
As criticism mounts, Powell has defended his leadership and testified that recent claims regarding inflated costs related to Fed facilities are largely misleading. The ongoing dialogues around the Federal Reserve’s policies and personnel raise significant questions about the future of economic governance in the United States, and how much influence political leaders can exert over independent institutions.