President Donald Trump on Wednesday dramatically escalated his rhetoric against Federal Reserve Chair Jerome Powell, calling for the resignation of the U.S. central bank chief.
Trump cited a Bloomberg article reporting that Bill Pulte, the head of the Federal Housing Finance Agency who has frequently criticized Powell, called for a prompt investigation into Powell, accusing him of delivering “deceptive Senate testimony” on the Fed building’s renovation project.
Trump seemed to endorse Pulte’s statement, urging Powell to step down from his role.
“‘Too Late’ should resign immediately!!!” Trump wrote on this Truth Social platform.
Powell’s term is set to expire in May 2026, but Trump is already mulling his replacement.
The Fed has not commented on Pulte’s or Trump’s statements.
During a recent Senate hearing, Powell disputed reports that the Fed headquarters renovation plan included lavish features.
“There’s no VIP dining room,” Powell said. “There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives, and there’s no roof terrace gardens.”
Trump has repeatedly attacked Powell, demanding that the Fed lower interest rates. But the U.S. central bank has resisted Trump’s calls, citing concerns about the effect of his tariffs on the U.S. economy.
Earlier this week, White House press secretary Karoline Leavitt showed off a list of central bank rates from 44 nations around the world, including a handwritten Trump note addressed to Powell, demanding that the U.S. top the list.
“Jerome ― You are, as usual, ‘too late.’ You have cost the USA a fortune ― and continue to do so ― you should lower the rate ― by a lot!” Trump wrote. “Hundreds of billions of dollars being lost! No inflation!”
This is not the first time Trump has called for Powell’s removal. Last week, he told reporters, “I’d love for him to resign if he wanted to.” He has also previously threatened to fire the Fed chair, even though it’s unclear whether he has the power to do so.
