Fed chair Jerome Powell to deliver speech tomorrow; 'resignation coming' says Federal Housing Director

President Donald Trump, some days back, reportedly wanted to fire Fed chair Jerome Powell, but did not go through with it.

Updated on: Jul 22, 2025, 08:46:23 IST

By Shuvrajit Das Biswas

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Fed chair Jerome Powell is slated to deliver a speech tomorrow at 8:30 AM EST.

Jerome Powell has found himself at loggerheads with the Donald Trump administration. (Reuters)

Amid this announcement, director of Federal Housing, William John Pulte, said on X(formerly Twitter) that Powell's ‘resignation speech’ is coming, though he did not believe that the address tomorrow would be regarding that.

Powell's troubles with the Trump administration

Powell has found himself at loggerheads with the Donald Trump administration. U.S. Treasury Secretary Scott Bessent further turned up the heat, saying the Federal Reserve's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas. Bessent then called on the US Fed to conduct an exhaustive review of those operations.

Trump has railed repeatedly against Powell, urging him to resign because of the central bank's reluctance to cut interest rates. In recent days, Trump has also taken aim at the $2.5 billion renovation at the Fed's almost 100-year-old Washington headquarters, which has exceeded its budget, suggesting there could be fraud involved and that might be a reason to oust Powell.

Also Read | Who could replace Jerome Powell as Fed chair

Congress member Anna Paulina Luna also formally referred Powell to the DoJ for criminal investigation.

“I have formally referred Jerome Powell to the DOJ for criminal investigation. Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust,” she wrote on X.

Meanwhile, speaking with CNBC earlier on Monday, Bessent declined to comment on a report that he had advised Trump not to fire Powell. He said it would be Trump's decision.

"If this were the (Federal Aviation Administration) and we were having this many mistakes, we would go back and look at why. Why has this happened?" said Bessent, whom Trump has mentioned as a possible candidate to replace Powell. "All these PhDs over there, I don't know what they do."

(With Reuters inputs)

ABOUT THE AUTHOR
Shuvrajit Das Biswas
Shuvrajit has over seven years of experience covering US, India, and world news. An English Literature postgraduate from Jadavpur University, Shuvrajit started off covering entertainment, gaming and all things pop culture. There were brief periods away from the media industry, with short stints in content marketing, ed-tech and academic editing. However, the newsroom beckoned and over the last few jobs, Shuvrajit has exceedingly focused on team functioning as well, including tracking news and assigning tasks, working on everyday breaking news, framing detailed coverage plans, and creating immersive and data-driven stories. In his time as a digital journalist, he has covered a Lok Sabha election, multiple state elections, Union Budgets and award ceremonies. He has also helped in planning content for company event panels in the past. For work, Shuvrajit enjoys dabbling with data visualization, editing tools, and AI chatbots and attempts to incorporate AI workflows in everyday tasks. He is deeply interested in geopolitics, sports, films and music. Prompting is a new fascination for Shuvrajit now. Apart from that, he can be found doom-scrolling, sharing memes, or cheering on his favorite football team.Read More

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