Trump Demands Powell’s Resignation Amid Accusations of Misleading Congress

Former President Donald Trump has escalated his ongoing feud with Federal Reserve Chair Jerome Powell, calling for Powell to resign immediately. This call comes on the heels of accusations from Bill Pulte, Director of the Federal Housing Finance Agency (FHFA), who alleges Powell provided misleading testimony to Congress regarding renovations at the Federal Reserve’s headquarters.
In a post on Truth Social, Trump, referring to Powell by the nickname “Too Late,” echoed the sentiments of Pulte, who claimed Powell’s statements during a Senate Banking Committee hearing were deceptive. Pulte specifically criticized Powell for his comments about a $2.5 billion renovation plan, suggesting it was indicative of serious misconduct warranting Powell’s dismissal.
This recent turmoil highlights Trump’s persistent frustration with Powell’s leadership. Since he appointed Powell in 2017, Trump has repeatedly criticized the Fed’s monetary policy decisions, particularly its reluctance to implement aggressive interest rate cuts, which he believes would stimulate the economy.
Trump’s demands for Powell’s resignation reflect broader tensions regarding the independence of the Federal Reserve in managing economic policies free from political influence. Critics argue that Trump’s insistence on controlling the Fed’s actions represents a significant threat to its autonomy, an essential feature for maintaining economic stability.
As Trump’s public animosity towards Powell continues, the implications for U.S. monetary policy and market stability grow increasingly worrisome. Lawmakers, including Representative Jim Jordan of Ohio, have indicated they may pursue an investigation into Powell, further entrenching the political turmoil surrounding this critical economic institution.