Former US President Donald Trump has intensified his long-running feud with Federal Reserve Chair Jerome Powell, calling for his immediate resignation in a sharply worded post on his Truth Social platform.
“‘Too Late’ should resign immediately!!!” Trump wrote on Wednesday, sharing a news article suggesting Powell may face a congressional investigation over his testimony regarding renovations at the Federal Reserve’s Washington headquarters.
The post represents a renewed escalation of Trump’s public attacks on Powell, a central figure in US monetary policy whom Trump originally nominated during his first term. While presidents traditionally avoid direct interference with the Fed’s independence, Trump has repeatedly lambasted Powell for not cutting interest rates to stimulate the economy.
Although Trump has previously stated he had “no intention of firing” Powell, the former president has continued to pressure the central bank to slash interest rates. Trump has argued that doing so would help drive economic growth, especially as he seeks to steer the country’s financial direction during his return to power.
In a rare public critique, Powell responded this week at a gathering of global central bankers in Portugal, saying the Fed would have already cut rates were it not for the inflationary impact of Trump’s international tariff policies.
Asked whether US interest rates could have been reduced earlier without the sharp tariff hikes, Powell replied: “I think that’s right.”
The Federal Reserve declined to comment on Trump’s latest remarks when contacted by the BBC.
Powell, who has defended the Fed’s independence and integrity, previously stated that he would not step down even if the White House requested it. “It is not permitted under law,” he said, referencing a 1935 Supreme Court decision that protects board members of independent federal agencies like the Fed from removal except “for cause.”
Still, Trump has shown a willingness to challenge institutional norms and has previously fired independent regulators—actions that sparked legal battles and debates over executive overreach.
The pressure on Powell mounted further Wednesday as Bill Pulte, Director of the Federal Housing Finance Agency and a frequent Powell critic, publicly urged Congress to investigate the Fed Chair.
“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 wrote on X (formerly Twitter).
Last week, Powell appeared before the Senate to address media reports alleging soaring costs and luxury upgrades in the Fed’s headquarters renovations. He dismissed the claims as “misleading and inaccurate in many, many respects.”
Chioma Kalu
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