Trump Demands Fed Chair Powell Resign Amid Scandal and Rate Dispute

President Donald Trump is turning up the heat on Federal Reserve Chair Jerome Powell, publicly demanding his immediate resignation amid explosive allegations of deception and fiscal mismanagement. The controversy comes just days after the head of the Federal Housing Finance Agency (FHFA) called on Congress to investigate Powell’s allegedly “deceptive” testimony regarding a $2.5 billion Fed building renovation.

"'Too Late' should resign immediately!!!" Trump posted on Truth Social Wednesday, referring to Powell by his now-frequent nickname. Trump has long accused Powell of keeping interest rates "artificially high," frustrating efforts to grow the economy and costing Americans "hundreds of billions of dollars."

White House Press Secretary Karoline Leavitt relayed Trump's message to Powell directly: “You should lower the rate by a lot. Hundreds of billions of dollars are being lost and there is no inflation.”

These calls come on the heels of a fiery statement by FHFA Director Bill Pulte, who is urging Congress to investigate Powell for what he describes as politically motivated, false testimony. Pulte highlighted Powell’s dismissive remarks during recent Senate Banking Committee hearings about the Federal Reserve’s controversial building renovation complete with luxury perks like a private dining room, elevators, skylights, and water features.

"Jerome Powell’s $2.5B Building Renovation Scandal stinks to high heaven," Pulte wrote. "This is nothing short of malfeasance and is worthy of ‘for cause.’"

Pulte isn’t alone. Senator Cynthia Lummis (R-WY) pointed out numerous factual inaccuracies in Powell’s testimony. His alleged falsehoods are now being viewed as potential grounds for removal. Under U.S. law, a Federal Reserve chair can only be removed “for cause,” and deceptive testimony before Congress may qualify.

House Judiciary Chairman Jim Jordan (R-OH) weighed in, stating that “everything is on the table,” when asked about a potential investigation. "Part of our constitutional duty is to do oversight of the executive branch,” Jordan said. "We’ll take a look at that."

Trump has repeatedly made clear that lowering interest rates is key to igniting another economic boom, much like the one he engineered during his first term through tax cuts and deregulation. Meanwhile, Powell’s resistance has been a sticking point, drawing increasing criticism from pro-growth conservatives who see the Fed as a relic of the D.C. swamp.

The Federal Reserve under Powell is being slammed for failing in both its fiscal responsibilities and its public accountability. The notion that American taxpayers are footing the bill for opulent renovations while simultaneously being punished by high interest rates is infuriating to millions.

Trump's call for Powell’s resignation isn’t just about rates it’s about holding powerful institutions accountable. The message is clear: Americans deserve transparency, not lies, from the people managing their economy.

Share this article or subscribe to our newsletter to stay informed.