&imwidth=800&imheight=600&format=webp&quality=medium "Trump ‘won’t rule out’ firing ‘lousy’ Jerome Powell - Can US president even fire Federal Reserve chair?")
US President Donald Trump has dismissed reports claiming he planned to fire Federal Reserve Chair Jerome Powell. Several outlets, including Bloomberg and The New York Times, had reported that Trump drafted a letter to dismiss Powell and asked Republican allies for advice on whether to send it. When asked by reporters about the letter, Trump denied it existed. However, he admitted he had discussed the idea with Republicans. “Almost every one of them said I should, but I’m more conservative than they are,” Trump said.
Trump remains critical of Powell’s decisions
Although he said he was unlikely to remove Powell, Trump added, “I don’t rule out anything but I think it’s highly unlikely unless he has to leave for fraud.” He repeated his long-standing criticism of the Fed chair, “He’s always been too late, hence his nickname ‘Too Late’. He should’ve cut interest rates a long time ago.” Trump claimed Powell only reduced rates to help Democrats in the 2024 election, adding, “He’s doing a lousy job but no, I’m not talking about that.”
Trump hints at replacing Powell after term ends
Trump appeared to shift his tone later, indicating that he might wait until Powell’s term ends in May 2026. “Instead of firing Powell, I’ll get to make a change in eight months,” he said. It is important to note, Powell was first appointed Fed chair by Trump in 2017. Biden later extended his term during his presidency.
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Fact check: Can Trump even fire Powell?
While Trump has frequently called for Powell to resign, it is not clear whether a US president can remove a Federal Reserve chair over policy disagreements. Under federal law, a Fed chair can only be dismissed “for cause”. Recently, the Supreme Court also ruled that the president does not have the authority to fire central bank officials at will, especially over disputes about monetary policy.
The Trump administration has stepped up pressure on Powell in recent months. Some officials accused the Fed of mishandling a costly renovation of its headquarters in Washington, an allegation Powell has firmly denied. In defence of the Fed’s decisions, Powell has said interest rates would have been lowered earlier if not for Trump’s unpredictable tariff policies, adding that the central bank acts independently of political influence.
