U.S. President Donald Trump has reignited his long-standing feud with Federal Reserve Chair Jerome Powell, calling for his immediate resignation. In a post on his Truth Social platform, Trump mockingly referred to Powell as “‘Too Late’,” stating, “‘Too Late’ should resign immediately!!!” He also shared a link to a news article highlighting calls for Powell to be investigated over misleading testimony about renovations to the Federal Reserve’s Washington headquarters.
Trump, who originally nominated Powell to lead the Fed during his first term in office, has frequently criticized the central bank chief for not lowering interest rates. While Powell was later renominated by President Joe Biden and is scheduled to serve through May 2026, Trump has continued to pressure him publicly, particularly as the economy becomes a central issue in the 2024 presidential race.
Trump’s latest demand appears tied to rising scrutiny over costly renovations at the Fed’s historic headquarters. Federal Housing Finance Agency director Bill Pulte added fuel to the fire, urging Congress to investigate Powell for alleged political bias and what he termed “deceptive” testimony before the Senate. “That’s enough to be removed ‘for cause’,” Pulte said on social media platform X.
Powell had defended the renovation costs, calling the critical reports “misleading and inaccurate in many, many respects.” While the Fed declined to comment on Trump’s latest remarks, Powell earlier stated that he would not step down if asked and noted that the law does not permit the White House to remove a Fed chair without cause.
Legally, Powell’s position is protected. A landmark 1935 U.S. Supreme Court ruling stipulates that heads of independent federal agencies like the Fed can only be removed “for cause” before their terms end. Nevertheless, Trump has previously challenged institutional norms by firing independent regulators, a move that has sparked court battles.
As the 2024 election approaches and economic pressures mount, Trump’s renewed attacks on Powell signal a broader political strategy aimed at reshaping the U.S. central bank’s approach to monetary policy should he regain power.
