Trump Calls for Powell's Resignation Amid Fed Criticism

Trump Calls for Powell's Resignation

Former US President Donald Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, calling for his immediate resignation via his Truth Social platform.

Escalation of Attacks

This demand marks a significant escalation in Trump's ongoing attacks on Powell. The former President also linked to a news article referencing a federal housing regulator calling for an investigation of Powell.

Conflict Over Interest Rates

Trump has repeatedly criticized Powell for not cutting interest rates, which he believes would boost economic growth. Powell, however, has attributed the need for higher rates to the impact of Trump's tariff policies.

Powell's Position

Powell has stated that he would not resign if asked and that the White House lacks the legal authority to force him out, except 'for cause,' according to a Supreme Court ruling.

Investigation Calls

Adding to the pressure, the director of the Federal Housing Finance Agency has also called for an investigation into Powell's testimony regarding the Fed headquarters' renovations.