Trump Denies Firing Powell Amidst Conflicting Reports, Crypto Bill Debate

Trump Denies Plans to Fire Fed Chair Powell

President Donald Trump has contradicted reports from a senior White House official, stating that he does not plan to fire Federal Reserve Chairman Jerome Powell. This denial comes amidst discussions about crypto regulation and ongoing criticism of Powell's policies.

Conflicting Reports Emerge

Hours after a senior White House official indicated Trump would fire Powell, the President stated, "We're not planning on doing it" at the White House. He added, "I don't rule out anything, but I think it's highly unlikely, unless he has to leave for fraud."

Crypto Bill Discussions and Powell's Future

The issue arose during meetings about stalled crypto regulation bills. According to reports, Trump even showed lawmakers a draft letter for Powell's dismissal. However, Powell has maintained that his firing is not permitted under the law.

Trump's Past Criticisms

Trump nominated Powell in November 2018, and while the Senate confirmed Powell, Trump has frequently criticized him, especially regarding interest rate policies. Trump has also raised concerns about the Fed's headquarters renovation project, suggesting it could be grounds for dismissal for cause.

Contradictory Statements from Lawmakers

While some lawmakers, like Rep. Anna Paulina Luna, have suggested a move against Powell is forthcoming, others, such as Rep. French Hill and Treasury Secretary Scott Bessent, do not believe Trump will fire Powell.