Trump Urges Powell to Resign

By Kanishka Singh

WASHINGTON (Reuters) – U.S. President Donald Trump expressed a desire for Federal Reserve Chair Jerome Powell to resign, but acknowledged concerns about market disruption if he were to be removed.

Trump made the remarks during an interview with the Real America’s Voice network aired on Wednesday.

Why It’s Important

Trump has been critical of Powell, accusing him of being ‘too late’ in cutting interest rates. Recently, the White House and some Republicans criticized the $2.5 billion cost overruns for the renovation of the Fed’s historic headquarters in Washington. This criticism suggests that the Trump administration may be looking into these costs as a potential means to dismiss the Fed chair before his term ends in May 2026.

No evidence of fraud has emerged, and the Fed has defended its management of the renovation project.

Key Quotes

“I’d love if he wants to resign, that would be up to him. They say it would disrupt the market if I did,” Trump stated, reiterating his concerns regarding the renovation costs.

A Fed spokesperson highlighted that Powell has stated he does not intend to resign, even if requested.

Context

Powell, nominated by Trump in late 2017 and later by President Biden for a second term, intends to complete his term as Fed chair, which concludes on May 15. Trump clarified earlier that he does not plan to fire Powell.