Jerome Powell ‘considering resigning’ amid Dan Bongino rumors; officials issue first statement

Fed Chair Jerome Powell is ‘considering resgining’, according to reports

Updated on: Jul 12, 2025, 01:25:35 IST

By Yash Nitish Bajaj

Prefer HTon Google

Share via

Copy link

Fed Chair Jerome Powell is ‘considering resgining’, according to reports. Chairman of the Board of Fannie Mae and Freddie Mac William J. Pulte issued a statement saying: “I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom.”

President Donald Trump looks on as Jerome Powell walks away (REUTERS)

This comes as reports about FBI Deputy Director Dan Bongino considering resigning surfaced on Friday. This comes amid a clash between the FBI and Justice Department over the Epstein files fallout. CNN cited sources to report that Bongino, Pam Bondi, FBI Director Kash Patel and White House chief of staff Susie Wiles held a meeting on Wednesday, where the two FBI officials were confronted about whether they were behind a story that said the FBI wanted more information released but was ultimately blocked by the DOJ.

Axios reported tha Bongino did not show up for work on Friday. “The whole thing has been a complete mess and no one is happy,” a source briefed on the matter told CNN.

Jerome Powell resigning?

On Thursday, President Donald Trump’s budget chief said that Powell ‘has grossly mismanaged the Fed’, further accusing him of misleading Congress about an ‘ostentatious’ renovation of the central bank’s headquarters.Trump has repeatedly called on the Fed chairman to cut interest rates, without success. As per reports, the 79-year-old has also considered firing Powell.

A key Trump official said Powell has ‘grossly mismanaged’ the institution.

“The President is extremely troubled by your management of the Federal Reserve System,” Russell Vought, director of the White House Office of Management and Budget, wrote in a letter addressed to Powell on Thursday. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”

(With inputs from Bloomberg)

ABOUT THE AUTHOR
Yash Nitish Bajaj
Yash Bajaj is a Chief Content Producer with a strong foundation in US coverage, digital strategy, and audience-focused storytelling. As part of the US Desk at Hindustan Times, he covers a wide range of topics - from American politics to sports (NFL, NBA, derbies, MLB and more). Before joining Hindustan Times, Yash served as Deputy News Editor at Times Now, where he oversaw international coverage and led a team of six. In this role, he significantly expanded global traffic through strategic planning, SEO-driven content execution, and meticulous trend tracking across platforms. He is experienced in managing high-pressure breaking-news shifts, coordinating live coverage, and building newsroom systems that improve speed, accuracy, and reach. Prior to Times Now, Yash held a position at Opoyi, where he headed the Sports and US news team. He developed broad editorial strategies, guided reporters across multiple beats, and played a key role in recruiting and training new talent. His responsibilities also extended to social media management and experimenting with innovative content formats. A passionate NFL fan, Yash is a die-hard supporter of the Cincinnati Bengals and has followed Joe Burrow closely since his college days at LSU. Whether breaking down top players' latest performance, analyzing team performances, or tracking roster moves, he brings the same dedication and sharp storytelling to his sports coverage as he does to American politics and breaking news. When he’s not writing, Yash can often be found watching games or debating the latest NFL storylines with fellow fans. Yash holds a Bachelor of Mass Media (Journalism) from HR College, Mumbai University. His interests extend well beyond the newsroom: he is an enthusiastic explorer of AI tools, a movie buff with an ever-growing watchlist, and someone who enjoys unraveling conspiracy theories for fun.Read More

Stay updated with US News covering politics, crime, weather, local events, and sports highlights. Get the latest on Donald Trump and American politics along with Horoscope 2026.