Donald Trump looks to remove Fed Chair Jerome Powell soon: ‘Terrible job, terrible chair'
'Such reports are not true,' Trump told reporters.
While dismissing immediate action, Trump said he wouldn't entirely rule out removing Powell under extreme circumstances.
'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud,' he said, referring to criticism from the White House and Republican lawmakers about cost overruns in the Federal Reserve's $2.5 billion headquarters renovation in Washington, D.C.
Trump acknowledged that he had conversations with some congressional Republicans about the possibility of firing Powell, but said his own stance was more cautious.
The US President said he did talk to some Republicans about it, and they're more aggressive than him.
Trump launched a fresh verbal attack on Powell on Tuesday, sharply criticising his performance while clarifying that no immediate action is planned.
Speaking to reporters, Trump said Powell is "doing a terrible job" and labeled him a "terrible chair." The remarks mark the latest in a series of public criticisms Trump has leveled at Powell.
In response to the mounting speculation, a Federal Reserve official reiterated Powell's commitment to serving out his current term, which ends on May 15, 2026.
When asked whether the White House has signaled any intention to remove Powell, the official simply referred to Powell's earlier public statements affirming his plan to complete the term.
Federal Reserve Chair Jerome Powell, who was first nominated by President Donald Trump in 2017 and reappointed for a second term by President Joe Biden in 2021, is facing fresh criticism from the Trump White House over cost overruns in a major renovation project at the Fed's historic headquarters.
Powell's current term runs through May 15, 2026.
Tensions escalated last week after the White House intensified its criticism of the Fed's spending. Russell Vought, Director of the Office of Management and Budget, sent Powell a letter expressing Trump's dissatisfaction, saying the president was 'extremely troubled' by the soaring costs of the $2.5 billion renovation.
According to Vought, features like 'VIP dining rooms' and upgraded elevators had contributed to what he called 'exorbitant' expenditures inappropriate for a government facility.
The Fed also published a detailed FAQ-style factsheet on its website, rebutting several of Vought's claims. The document sought to clarify misconceptions about the building's design features, and to explain the budgeting process behind the project.
Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, accusing him of failing to cut interest rates and urging his resignation. The president has argued that lower rates would reduce the federal government's borrowing costs, a point he has stressed repeatedly in recent weeks.
For months, Trump has publicly railed against Powell and the Fed's decision to hold interest rates steady, arguing that the current rate range of 4.25% to 4.5% is too high. He contends that rate cuts are essential to supporting economic growth and reducing the cost of financing federal debt.
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