🗣️ Trump Says He’d ‘Love’ for Fed Chair Powell to Resign: Eyes New Appointment
In a sharp criticism of the Federal Reserve’s current trajectory, former U.S. President Donald Trump declared he would "love" to see Jerome Powell resign from his post as Federal Reserve Chair, adding that he wants to appoint someone “who understands the economy” better if he wins the 2024 U.S. Presidential election.
📉 Criticism of Powell’s Interest Rate Strategy
Trump’s remarks reflect his long-standing frustration with Powell’s leadership, especially over interest rate hikes that he believes have slowed economic growth and hurt the housing market. Trump emphasized that Powell has "never been a great economic mind" and argued that the Fed has acted too slowly to stimulate economic momentum.
“He was recommended by [Treasury Secretary] Steve Mnuchin. I didn’t know him. I said, ‘Let’s give him a shot.’ Worst decision I made,” Trump said in a recent interview.
🔁 Trump’s Plan: A Fed Chair for ‘America First’ Economy
If elected in 2024, Trump aims to replace Powell with someone loyal to his "America First" economic agenda, which includes:
Lowering interest rates
Boosting investment and job creation
Curtailing inflation through deregulation
Avoiding overcorrection by the Fed
🗳️ Political Implications
Trump’s comments are seen as part of his broader economic message as he mounts a strong bid for re-election. Analysts suggest the Federal Reserve’s independence could come under pressure if Trump regains office and moves to reshape monetary policy.
❓ Frequently Asked Questions (FAQs)
Q1: Why does Trump want Jerome Powell to resign?
Trump believes Powell's policies—especially around interest rate hikes—have been harmful to the U.S. economy and wants a Fed Chair aligned with his economic approach.
Q2: Can Trump remove Powell from the Federal Reserve?
The U.S. President cannot directly fire a Federal Reserve Chair without cause. However, Trump could choose not to reappoint him after the term ends or apply political pressure.
Q3: Who might Trump appoint as Fed Chair?
While no names have been confirmed, it’s expected Trump would choose someone who supports lower rates, looser monetary policy, and pro-growth strategies.
Q4: How does this affect the markets?
Markets often react to any signal of instability or political interference with the Fed. A change in leadership could lead to rate cuts or policy shifts affecting inflation, lending, and growth.
Q5: When does Powell’s term end?
Jerome Powell's current term as Chair of the Federal Reserve runs through May 2026.
Follow us on social media: Facebook || Linkedin || Instagram
Reported by Benny on June 28, 2025.
🛡 Powered by Vizzve Financial
RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed