Trump Urges Powell to Resign as Fed Chair Despite Legal Restrictions 🏦

Trump called on Federal Reserve Chair Jerome Powell to resign “immediately,” according to the BBC. Trump posted the demand on Truth Social, linking to a federal housing regulator’s call for a congressional investigation into Powell’s testimony about the Fed’s headquarters renovation costs. Trump first nominated Powell in 2017 and has frequently attacked the Fed for not cutting rates. It is unclear whether the president has the authority to remove the Fed chair from his role, and Trump has said that he has no intention of firing him. A 1935 U.S. Supreme Court ruling states that board members of independent federal agencies, such as the Federal Reserve, can only be removed "for cause" before the end of their terms. Powell's term ends in 2026. He has stated he will not resign if asked and that the law does not allow the White House to force him out.