President Donald Trump has intensified his public criticism of Federal Reserve Chair Jerome Powell, calling for his immediate resignation on Wednesday in a post to his Truth Social platform.
The demand follows a recent push from the head of a federal housing agency for an investigation into Powell’s congressional testimony.
Trump posted a link to a news article about the situation, writing, “‘Too Late’ should resign immediately!!!” — using a nickname he has repeatedly applied to Powell in criticizing the Fed’s pace on cutting interest rates.
The call for Powell’s resignation comes shortly after Federal Housing Finance Agency (FHFA) Director Bill Pulte called on Congress to investigate the Fed chair. Pulte, a political appointee and vocal critic of Powell, alleges that Powell gave misleading testimony about the cost and scope of renovations to the Federal Reserve’s Washington headquarters.
In a post to X (formerly Twitter), Pulte claimed Powell made “factually inaccurate statements” during a recent Senate hearing, citing items such as a private dining room, elevator, skylights, and a rooftop terrace as part of the controversy. “This is nothing short of malfeasance and is worthy of ‘for cause,'” Pulte wrote.
In response to similar concerns during testimony last week, Powell said media reports about the renovations were “misleading and inaccurate in many, many respects,” though he acknowledged the presence of cost overruns.
Despite growing criticism, the Federal Reserve declined to comment on the remarks from either Trump or Pulte when contacted by news outlets.
Trump initially nominated Powell to lead the Fed during his first term but has grown increasingly frustrated with his handling of monetary policy. The president has regularly called for steep interest rate cuts, arguing that high rates are harming US economic growth.
In a note read by White House Press Secretary Karoline Leavitt earlier this week, Trump accused Powell of keeping interest rates “artificially high,” saying this has cost the US “a fortune.”
Asked recently whether interest rates would have been cut earlier if not for Trump’s own trade policies, Powell acknowledged that the Fed’s decisions were affected by global economic uncertainty triggered in part by tariff announcements.
Powell, who was later renominated by President Joe Biden, has a term set to expire in May 2026. Under US law, the president cannot unilaterally remove a Federal Reserve chair except for cause — a protection stemming from a 1935 Supreme Court ruling to preserve the Fed’s independence.
In January, Powell said he would not resign if asked to by Trump and emphasized that the White House lacks the authority to force his departure.
While presidents historically refrain from pressuring the central bank, Trump’s repeated public remarks signal a more aggressive stance. Critics argue that such attacks on an independent institution risk undermining the Fed’s credibility. Supporters, however, say the pressure reflects broader concerns about economic policy and transparency.
As of now, there is no indication that Congress plans to pursue a formal investigation into Powell’s conduct, though oversight discussions may continue in relevant committees.
With input from BBC, FOX Business, and Axios.
