U.S. President Donald Trump has publicly called for Federal Reserve Chair Jerome Powell to resign immediately, intensifying his long-standing criticism of the central bank chief he once nominated.
In a fiery post on his Truth Social platform, Trump wrote, “‘Too Late’ should resign immediately!!!”, a reference to Powell’s alleged delay in cutting interest rates. The post included a link to a news article highlighting calls for Powell to be investigated over his Senate testimony regarding costly renovations at the Fed’s Washington headquarters.
Trump, who appointed Powell during his first term but has since become one of his most vocal critics, has frequently pressured the Fed to lower interest rates in a bid to stimulate economic growth. Despite this, Trump previously stated earlier this year that he had “no intention of firing” Powell.
The president’s latest remarks follow comments made by Powell at a central bankers’ meeting in Portugal this week, where he suggested that the Federal Reserve might have already cut interest rates had it not been for the inflationary impact of Trump’s global tariff policies. “I think that’s right,” Powell responded when asked if tariffs had delayed further rate cuts.
The U.S. Federal Reserve declined to comment on Trump’s latest remarks when contacted by the BBC.
Adding fuel to the controversy, Federal Housing Finance Agency Director Bill Pulte, a known critic of Powell, called on Congress to launch a formal investigation. “I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause’,” Pulte posted on X.
Powell, who was reappointed by former President Joe Biden, has a term set to expire in May 2026. He has previously stated that he would not resign if requested by the president, citing the legal protections afforded to independent agency heads. Under a landmark 1935 U.S. Supreme Court ruling, Fed board members can only be removed “for cause,” not at the president’s discretion.
While Trump’s call for resignation has raised eyebrows, legal experts say removing Powell before his term ends would face significant constitutional hurdles and likely result in a court challenge, a prospect not unfamiliar in Trump’s political playbook.
Written By Rodney Mbua
