Trump repeats call for Powell to ‘immediately resign’ over testimony
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The news: President Donald Trump said Tuesday that Federal Reserve Chair Jerome Powell should “resign immediately”, repeating a call he made last week.
Speaking at a Cabinet meeting, Trump again called Powell “terrible” and said “it’s OK with me” if Congress investigates Powell’s statements about renovations at the Fed’s headquarters.
The context: The criticism follows allegations from administration officials that Powell misled lawmakers about renovations at the Fed’s headquarters, including Federal Housing Finance Agency head Bill Pulte, who called Powell’s testimony “deceptive”.
During testimony to Congress last month, Powell denied reports about the renovation, calling them “flatly misleading” and stating “there’s no VIP dining room, there’s no new marble”, and ““There are no special elevators — there’s just, there are old elevators that have been there — there are no new water features, there’s no beehives and there’s no roof terrace gardens.”
On Tuesday (Wednesday AEST) Trump said he wants someone at the Fed “that’s going to lower interest rates” and is considering several replacements for Powell when his term expires in May 2026, telling Treasury Secretary Scott Bessent, who was sitting across him during the meeting: “I like you better”.
The sources: The White House, Bloomberg
