President Donald Trump is reportedly preparing to fire Federal Reserve Chair Jerome Powell. He told a group of Republican lawmakers during a private Oval Office meeting Tuesday night that he intends to move forward with Powell’s removal. According to The New York Times, Trump even showed off a draft termination letter during the meeting.
The conversation reportedly took place during a discussion on an unrelated matter, following Senate Republicans' decision to block a vote on cryptocurrency legislation backed by Trump. POTUS used the opportunity to shift the focus to Powell’s future.
“The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” a senior White House official told CNBC.
Representative Anna Paulina Luna, Republican of Florida, posted on X during the meeting, writing, “Jerome Powell is going to be fired. Firing is imminent.”
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Trump Slams Powell
The development comes just days after Donald Trump harshly criticized Powell, calling him a “knucklehead."
{{/usCountry}}The development comes just days after Donald Trump harshly criticized Powell, calling him a “knucklehead."
{{/usCountry}}He told reporters at the White House, “We have a bad Fed chairman, really bad … I tried being nice to the guy. It doesn’t help. He’s like a knucklehead. No, he’s a knucklehead. Stupid guy. He really is.”
Trump has repeatedly attacked Powell in recent months, particularly after the Federal Reserve held interest rates steady for the fourth consecutive time in June. Taking to his social media platform Truth Social, Trump wrote, "'Too Late' Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save $BILLIONS on all of Biden’s Short Term Debt. We have LOW inflation! TOO LATE’s an American Disgrace!”