Former U.S. President Donald Trump has renewed his attacks on Federal Reserve Chairman Jerome Powell, calling for his immediate resignation in a blistering post on his Truth Social platform.
“‘Too Late’ should resign immediately!!!” Trump wrote on Wednesday, referencing a news article suggesting that Powell may face a congressional investigation over his testimony concerning expensive renovations at the Fed’s Washington headquarters.
The latest outburst marks a sharp escalation in Trump’s long-standing feud with Powell—a central figure in U.S. monetary policy whom Trump himself nominated in 2017. While past presidents have typically refrained from criticizing the Fed to preserve its independence, Trump has repeatedly pressured Powell to slash interest rates, especially as he eyes a return to the White House.
Although Trump has previously stated he had no plans to fire Powell, his public statements have routinely blamed the Fed Chair for not doing more to stimulate economic growth through rate cuts.
In an unusual rebuttal earlier this week, Powell addressed global central bankers at a forum in Portugal and pointed to Trump’s own policies as a factor behind delayed rate cuts. Specifically, he cited Trump’s trade tariffs, saying the inflationary impact they caused had complicated the Fed’s decision-making.
“I think that’s right,” Powell said, when asked if rates could have been lowered earlier in the absence of sharp tariff increases.
The Federal Reserve declined to comment on Trump’s latest remarks when contacted by the BBC.
Powell has previously defended the independence of the central bank and stated he would not step down, even if pressured by the White House. Citing a 1935 U.S. Supreme Court ruling, he has noted that Fed Board members can only be removed “for cause,” not at the president’s discretion.
Trump, however, has a history of challenging institutional boundaries and has previously removed independent agency leaders—moves that drew legal and political backlash.
Adding to the pressure on Powell, Federal Housing Finance Agency Director Bill Pulte, a vocal critic of the Fed Chair, took to X (formerly Twitter) on Wednesday to urge congressional lawmakers to investigate Powell.
“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 posted.
Last week, Powell appeared before the Senate to address reports alleging runaway costs and luxury upgrades as part of the Federal Reserve’s headquarters renovation project. He dismissed the allegations as “misleading and inaccurate in many, many respects.”
As scrutiny of the Fed intensifies, Trump’s latest remarks further politicize the central bank at a time when it continues to weigh rate decisions in the face of inflation concerns and global economic uncertainty.
