U.S. President Donald Trump has called for Federal Reserve Chair Jerome Powell to resign if the allegations against him prove to be true. Powell has been accused of misleading lawmakers about the cost of expensive renovations at the Fed’s headquarters and of failing to cut interest rates in recent months.
On Tuesday, during a cabinet meeting, President Trump said that Jerome Powell’s reluctance to cut interest rates has cost the country billions of dollars, urging him to resign immediately. The president is now considering a shortlist of potential replacements for the Fed Chair.
Moreover, Trump accused the Federal Reserve of bias in its policy decisions and criticized it for keeping interest rates unchanged. In response, Powell has blamed Trump’s tariffs for fueling inflation concerns.
The president added– “I think he’s terrible.”
Jerome Powell has been accused of giving misleading testimony to members of the Senate Banking Committee regarding a $2.5 billion renovation of the Federal Reserve’s headquarters.
If the allegations are proven true that he deceived Congress about the renovation costs, “then he should resign immediately,” Trump said. “We should get somebody in there who’s going to lower interest rates.”
The allegations gained further credibility after FHFA Director Bill Pulte and Senator Cynthia Lummis claimed that the Fed lied under oath and misled authorities. As a result, Powell may face a congressional investigation in July.
Trump said he has two or three contenders suitable for the role, each aligned with his economic vision.
In addition to these three, Trump is also considering veteran economists Kevin Warsh and Christopher Waller, both of whom have previously advised former U.S. presidents.
President Trump has called for Jerome Powell’s resignation due to allegations that Powell misled Congress about the cost of Federal Reserve headquarters renovations (a $2.5 billion project) and for his perceived failure to cut interest rates, which Trump claims has cost the U.S. billions and stifled economic growth.
President Trump has identified a shortlist of potential replacements for Fed Chair, aiming for individuals aligned with his economic vision. These include Treasury Secretary Scott Bessent, Director of the White House’s National Economic Council Kevin Hassett, and Federal Reserve Vice Chair for Supervision Michelle Bowman. Veteran economists Kevin Warsh and Christopher Waller are also being considered.
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