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3w ago

Trump's Threats to Fire Fed Chair Powell Intensify as Legal Battle Looms

President Trump escalates criticism of Jerome Powell over interest rate policy, while the Supreme Court considers limits on presidential power over independent agencies.

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President Donald Trump speaks during a swearing-In Ceremony for the Administrator of the Centers for Medicare and Medicaid Services, Mehmet Oz at the Oval Office of the White House in Washington, DC on April 18, 2025.
Federal Reserve Chair Jerome Powell testifies before the House Committee on Financial Services in the Rayburn House Office Building on Capitol Hill on February 12, 2025.

Overview

  • President Trump has publicly expressed frustration with Federal Reserve Chair Jerome Powell, stating that Powell's removal 'cannot come fast enough.'
  • White House economic adviser Kevin Hassett confirmed the administration is exploring legal options to remove Powell, citing disagreements over interest rate policy.
  • The Supreme Court is reviewing a case that could redefine the president's authority to dismiss heads of independent agencies, with implications for the Fed's autonomy.
  • Powell has reiterated his commitment to the Federal Reserve's independence and stated he intends to serve his full term, which ends in May 2026.
  • Policymakers, including Senator Elizabeth Warren, warn that undermining Fed independence could destabilize financial markets and erode economic confidence.