Former U.S. President Donald Trump has renewed his attacks on Federal Reserve Chairman Jerome Powell, this time calling for his immediate resignation.
In a post on his social media platform, Truth Social, Trump wrote: “‘Too Late’ should resign immediately!!!” He accompanied the comment with a link to a news story about a federal housing regulator calling for an investigation into Powell’s testimony regarding the renovation of the Federal Reserve’s headquarters in Washington, D.C.
Although Powell was originally appointed by Trump during his first term, the former president has frequently criticized him, mainly for not lowering interest rates.
However, it remains unclear whether a sitting president has the legal authority to remove a Fed chair before the end of their term.
Despite past criticisms, Trump stated earlier this year that he had no plans to fire Powell.
His recent remarks suggest otherwise, as he continues to pressure the central bank to cut interest rates in a bid to stimulate the economy.
Powell, for his part, recently addressed the impact of Trump-era tariffs during a central bank conference in Portugal.
When asked if the Federal Reserve would have already reduced interest rates were it not for the administration’s tariff policies, Powell responded, “I think that’s right.”
The Fed has not issued a comment on Trump’s latest demand, according to the BBC.
Powell, whose term runs until May 2026, was renominated to the post by President Joe Biden.
He has stated publicly that he would not resign at the president’s request and emphasized that federal law does not permit the White House to force out a Fed chair without just cause.
According to a key Supreme Court decision dating back to 1935, members of independent federal agencies, like the Federal Reserve, can only be removed “for cause.”
Nonetheless, Trump has previously challenged such conventions, removing officials from independent agencies — some of which led to legal disputes.
Adding to the controversy, Federal Housing Finance Agency Director Bill Pulte called on Congress this week to launch an investigation into Powell, accusing him of political bias and providing misleading testimony to the Senate.
“I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed ‘for cause’,” Pulte wrote on X (formerly Twitter).
Last week, Powell defended himself during Senate testimony, saying reports on the costly upgrades to the Fed’s headquarters were “misleading and inaccurate in many, many respects.”