Trump Demands Jerome Powell’s Resignation As Fed Chief

U.S. President Donald Trump has called for Federal Reserve Chair Jerome Powell to resign immediately, escalating his long-standing criticism of the central bank leader, reported Peter Hoskins for BBC News, and Julia Ornedo for The Daily Beast.

Board members of independent federal agencies—like the Federal Reserve—can only be removed “for cause” before their terms expire. I Photo: Board of Governors of the Federal Reserve System Facebook 

“‘Too Late’ should resign immediately!!!” Trump posted on Truth Social, alongside a link to a news article reporting that Bill Pulte, a U.S. federal housing regulator, has called for an investigation into Powell over testimony related to renovations at the Fed’s Washington headquarters.

Trump appointed Powell during his first term but has since repeatedly criticized him for not cutting interest rates. Despite Trump's demand, U.S. law does not permit a president to fire the Federal Reserve chair, who controls monetary policy independently.

Ahead of Trump's return to office earlier this year, Powell stated that he would not step down if asked and emphasized that it is “not permitted under law” for the White House to force him out.

According to a landmark U.S. Supreme Court ruling in 1935, board members of independent federal agencies—like the Federal Reserve—can only be removed “for cause” before their terms expire.

Pulte, now head of the Federal Housing Finance Agency, claimed—without providing evidence—that Powell gave deceptive testimony about the Fed’s headquarters renovations, which he alleged included a “plush private dining room and elevator, skylights, water features, and a roof terrace.”