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Newsweek
22-07-2025
- Business
- Newsweek
Should Donald Trump Fire Jerome Powell? Wilbur Ross Weighs In
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Former Commerce Secretary Wilbur Ross believes that President Donald Trump attempting to unseat Federal Reserve Chair Jerome Powell would result in a lengthy legal battle and few benefits for the president. In an interview with Newsweek last week, Ross said he does not think Trump intends to fire Powell. Asked whether Trump should, Ross responded: "I don't think it's a question of should." "Powell's term expires mid-year next year. So he's not going to be in for very long in any event," he said. "And if Trump went to fire him, no doubt it would end up in court, and to get a decision like that, which undoubtedly would end up in the Supreme Court, to try to bring that to a decision in less than a year is very unlikely." "So I'm not so sure that even if he wanted to do it. And even if he were able to ultimately convince the court that he has the power to do it, I'm not sure he'd save very much time." Why It Matters Talk of Powell's resignation, or the president firing him before his term ends in May 2026, stems from a dispute over the Federal Reserve's reluctance to cut interest rates from the current target range of 4.25–4.50 percent. Since the beginning of his second term, Trump and certain members of his cabinet have called for sizable rate cuts to stimulate economic growth and reduce the interest the United States pays on its debt. However, the central bank has repeatedly stated that it will remain in "wait-and-see" mode until there is greater clarity on the trajectory of inflation and until the full impact of Trump's tariffs on the U.S. economy is understood. Firing Powell from his Senate-confirmed post would mark a significant departure from the Fed's historically recognized independence, and it would likely raise questions about the stability of the U.S. economy. L: Former Commerce Secretary Wilbur Ross speaks at the Concordia Annual Summit on September 23, 2024. R: Federal Reserve Chair Jerome Powell at a news conference in Washington, D.C., on May 7, 2025. L: Former Commerce Secretary Wilbur Ross speaks at the Concordia Annual Summit on September 23, 2024. R: Federal Reserve Chair Jerome Powell at a news conference in Washington, D.C., on May 7, 2025. John Lamparski /for Concordia Summit / Getty Images What To Know Trump has taken to calling Powell, who chairs both the Fed's Board of Governors and its Open Market Committee, "too late Powell" over his decision to hold rates steady at successive monetary policy meetings, while also dubbing him a "stupid person" and "Trump Hater." However, the president's messaging on whether he intends to oust Powell has been mixed. Speaking to reporters in the Oval Office last week, Trump said that lowering interest rates by three percentage points would save the government $1 trillion in debt payments, and that he had spoken with Republican members of Congress about the possibility of firing the Fed chair. "Almost every one of them said I should, but I'm more conservative than they are," Trump said. "I don't rule out anything," he added, "but I think it's highly unlikely." According to Section 10 of the Federal Reserve Act, the president can remove any member of the Fed's Board of Governors "for cause," which is widely interpreted to mean serious misconduct or malfeasance in office. However, past Supreme Court cases have determined that this cannot be done for simple policy disagreements, i.e., over whether and when to adjust interest rates. Last week, Trump suggested that Powell could be forced to resign "for fraud," pointing to the recent $2.5 billion renovation of the Fed's Washington, D.C. headquarters. In a recent letter to Powell, Russ Vought, director of the Office of Management and Budget (OMB), called the renovations an "ostentatious overhaul," and said that statements made by Powell during his testimony before the Senate Banking Committee in June raised "serious questions" about the project's compliance with the federal guidelines. In his response, Powell said: "We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017." As well as the oversight it has already been subject to, Powell said he had asked the Federal Reserve's independent Inspector General "to conduct a fresh review of the project." Even if the allegations of fraud were substantiated and the Trump administration made formal attempts to remove him from his post, Powell would be able to contest this decision. As Ross told Newsweek, Powell's tenure could end before the case was fully resolved in the form of a Supreme Court ruling. However, in the case of a preliminary injunction, Vice Chair Philip Jefferson would assume Powell's duties during the dispute. During a press conference shortly following the presidential election, Powell said that it was "not permitted under law" for the president to demote or fire governors or those holding leadership positions within the Fed. When asked whether, if asked by Trump, he would resign from his post, Powell responded bluntly: "No." What People Are Saying President Donald Trump, speaking to reporters about Powell last week: "Fortunately, we get to make a change in the next, what, eight months or so, and we'll pick somebody that's good and we'll pick somebody. I just want a fair job. We want to see lower interest rates. Our country deserves it. We're making a lot of money. We're doing great as a country." Commerce Secretary Scott Bessent told Fox Business this week: "I know Chair Powell. There's nothing that tells me that he should step down right now. He's been a good public servant. His term ends in May. If he wants to see that through, I think he should. If he wants to leave early, I think he should." Federal Reserve Chair Jerome Powell, at a European Central Bank forum in Portugal on July: "I'm very focused on just doing my job. I mean, there are things that matter—using our tools to achieve the goals that Congress has given us: maximum employment, price stability, financial stability. And that's what we focus on 100 percent." What Happens Next In an interview with Bloomberg Television this week, Bessent said a "formal process" for identifying Powell's successor had begun. "It's President Trump's decision, and it will move at his speed," he added. Economists who previously spoke to Newsweek said they anticipate the Fed cutting rates by the end of the year at the latest. These cuts, they said, could range from one 25-basis-point cut to several of this size.
Newsweek
12-05-2025
- Newsweek
Prince Harry Urged to Quit Charity Where Abuse Allegations Were Upheld
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Prince Harry should "step down" from the board of a conservation charity after a law firm found evidence human rights abuses had taken place. African Parks manages Odzala-Kokoua National Park but the Baka tribespeople, who have lived in the area for generations, say its rangers have abused them. Allegations included the rape of a mother as she clutched her baby, as well as torture, and triggered an investigation by Omnia Strategy. The law firm has now reported its findings to the NGO, which confirmed in an online statement that human rights abuses by guards did take place. Prince Harry is seen at the Concordia Summit, in New York City, on September 23, 2024. During the trip he attended an African Parks event. Prince Harry is seen at the Concordia Summit, in New York City, on September 23, 2024. During the trip he attended an African Parks Mazower, communications director at Survival International, told Newsweek: "We think that Prince Harry and anyone else involved in African Parks should either commit the organization to a completely new way of doing business or step down." Survival wants the organization to pursue conservation in a fundamentally different way. African Parks Acknowledges Abuses The organization's statement, published online, read: "African Parks acknowledges that, in some incidents, human rights abuses have occurred, and we deeply regret the pain and suffering that these have caused to the victims. "Omnia's process also highlighted several failures of our systems and processes that were insufficient for the level of responsibility given to us, particularly in the early years of our management of Odzala. "We are committed to addressing the shortcomings that have been identified. Further, where sufficient evidence is available, we will take action against staff members implicated in incidents not yet known about, or that had not been adequately dealt with. "The Board is confident that the institutional improvements implemented over the past five years, along with those planned for the coming months—incorporating valuable recommendations from Omnia—will mitigate risks in the future." The statement, however, did not confirm which abuses were admitted by the organization, meaning it remains unclear whether they are acknowledging that Baka people were allegedly raped by African Parks guards. "There's a moral obligation on them to make the results of the investigation public," Mazower said, "and I think it's shameful that they haven't." "We would hope that anyone who is funding African Parks will think again," he added. Newsweek reached out to African Parks for comment. African Parks and 'Fortress Conservation' Currently, rangers are required to keep the Baka out of areas of the park that are considered protected, which the tribespeople say prevents them hunting and foraging for food in keeping with their culture dating back centuries. The charity says this is necessary to protect the park as a natural resource for future generations but Survival call it "fortress conservation" and say it is leaving the Baka starving. "It's a whole model of conservation which is based around taking indigenous people's land, turning them into protected areas, evicting the indigenous people and keeping them out through force," Mazower said. "They've been living with this treatment, as have many other indigenous communities, for years and years. This is not a one off thing or an isolated incident. "There have been countless confirmed reports of similar abuses by armed rangers against indigenous people who have been evicted from their lands after their lands were turned into national parks across the Congo basin for years. "You only have to go there and talk to the Baka people and stories start pouring out of people, so I doubt very much that they have any expectation that anything significant will change. And I don't think it will change unless the Baka are allowed to go back to their lands." Prince Harry's New York Visit Harry has not sought to distance himself from the organization since the allegations of rape and torture first emerged publicly in January 2024. In fact, he attended an African Parks event during a visit to New York in September and his staff posted a write up on the Sussex website talking about it. "He [Harry] expressed how this pivotal moment further fueled his commitment to the continent as well as his passion for Africa's rich biodiversity and cultural heritage," the website reads. "The Duke connected African Parks' mission to his broader philanthropic vision, highlighting how their strategic approach aligns with his goals for sustainable change. "He emphasized the importance of collaboration and investment in conservation efforts, noting that protecting Africa's natural resources is essential for both the environment and the livelihoods of local communities. "The event served not only as a celebration of African Parks' impactful work across 22 protected areas in 12 countries but also as a rallying call to join this vital mission. The Duke's participation underscored the urgency of the conservation challenges facing the continent and the need for collective action." Jack Royston is chief royal correspondent for Newsweek, based in London. You can find him on X, formerly Twitter, at @jack_royston and read his stories on Newsweek's The Royals Facebook page. Do you have a question about Charles and Queen Camilla, Prince William and Princess Kate, Meghan Markle and Prince Harry, or their family that you would like our experienced royal correspondents to answer? Email royals@ We'd love to hear from you.
Forbes
28-03-2025
- Business
- Forbes
How DOGE Cuts Are Hitting Small Businesses. Plus: Break The Cycle Of ‘Crunch Mode'
This is this week's ForbesWomen newsletter, which every Thursday brings news about the world's top female entrepreneurs, leaders and investors straight to your inbox. Click here to get on the newsletter list! Over the past month, we at Forbes have reported a lot on the Department of Government Efficiency's job and budget cuts and what it all means for Social Security benefits, postal service operations, aviation safety and more. As the shape of these cuts and their ramifications continues to unfold, one of my many questions has been, 'what does this mean for small business owners who depend on government contracts?' And so, this week I connected with Mary Faith Mount-Cors, the founder and president of EdIntersect, a North Carolina-based company that works with international governments to create early education programs for children around the world. Mount-Cors has successfully built education programs in countries including Mali, Nigeria and Rwanda through USAID and UNICEF contracts, but said that the projects she was working on at the start of the year—in Malawi and Tajikistan—are 'gone' following the Trump administration's slashing of USAID operations. 'We don't know what ways we will be able to recover, but [as] you can imagine [with] any small business: We don't have six months or twelve months of capital just sitting there,' Mount-Cors said, adding that there's a real chance her company faces 'dissolution.' I asked Mount-Cors if private donors and foundations could step in and fill the gaps—after all, the world's top philanthropists can and do deploy tens of billions of dollars every year—and her reply was a measured 'maybe,' because what's at stake is more than just dollars: It's logistical know-how and, more broadly, the ability to execute on diplomacy goals through development. 'Larger foundations, like the Gates Foundation, can maybe step into the breach more if they choose to, but they're still not the U.S. government; they're not going to be playing the same role in building trust and stability between the two countries [involved in these projects],' she said. This summary is really just a snippet of what we touched on, so if you too have been wondering about the effects of DOGE cuts on small businesses, I recommend watching our conversation in full, here. Cheers, Maggie P.S.: A reminder that nominations for the 2025 U.S. 50 Over 50 list are now open! Head to this link here to tell us about a woman you think should be on this year's list. Full nominations criteria are on that page but the two most important bits to remember: We're looking for people who were born in 1974 or earlier, and we're looking for women who have never been on the list before, because we don't allow repeats! NEW YORK, NEW YORK - SEPTEMBER 23: U.S. House of Representatives, The Hon. Chrissy Houlahan speaks during the 2024 Concordia Annual Summit at Sheraton New York Times Square on September 23, 2024 in New York City. (Photo byfor Concordia Summit) This week, Representative Chrissy Houlahan (D-PA) joined ForbesWomen editor Maggie McGrath to talk about Trump administration cuts to USAID and how these cuts pose risks to female students from Afghanistan studying abroad on USAID-funded scholarships. 'If those young women are sent back [to Afghanistan], it's not only at the detriment of their education and their advancement, but it's also in some cases physically dangerous to them to return to what amounts to an apartheid state for women,' Houlahan said. Click here to watch the full interview. Walter Smith for Forbes Forbes 30 Under 30 alumnae Carly Zakin and Danielle Weisberg sold TheSkimm—the media company they founded nearly 13 years ago—to Ziff Davis' Everyday Health Group (EHG) earlier this month. The duo is not commenting on the financial terms of the deal but spoke to Forbes contributor Rachel Burchfield about their plans for the company in its new chapter. 'theSkimm will feel very much the same to our audience, but they can anticipate enriched content, particularly in health and wellness,' Zakin says. Genetic testing company 23andMe filed for Chapter 11 bankruptcy protection to initiate the process of selling off its assets, while the troubled firm's co-founder Anne Wojcicki—who was attempting to take 23andMe private—stepped down from her role with the intent to become an outside bidder for the asset sale. Five minutes into the USC Trojans' eventual 96-59 win over Mississippi State in the second-round of March Madness, their star shooting guard JuJu Watkins went down with a tear of her right anterior cruciate ligament (ACL) that will require surgical reconstruction and months of rehabilitation before she can return to the court. It's an injury that's unfortunately all-too familiar among female basketball players—and there's a reason that women suffer from this injury at higher rates than men. Last July, Lattice CEO Sarah Franklin faced blowback when she announced the HR company would create employee records and ratings for artificial intelligence agents. But with the market growing, she's doubling down on the need for AI agents to face performance tracking. A new analysis from job search platform Indeed found that remote work opportunities have declined over 20% from their pandemic peak—and while they still remain more common than pre-pandemic, the decline in remote opportunities could create new challenges for women who want or need flexible work arrangements. 1. Break free from the cycle of crunch mode. Do small breaks feel like a luxury? Do work thoughts keep you up at night? These are some signs that you're trapped in a cycle of too much hustle and stress. Here's how to reset your work style. 2. Disarm office gossip. While studies show that some people think office gossip can foster team building, more professionals feel that it's toxic in the workplace. Here's what you need to know about nipping these harmful conversations in the bud. 3. Avoid job-search burnout. Even the most motivated job seekers start to feel drained after getting ghosted over and over by generic job postings. And here's the kicker: cold applying alone puts the odds squarely against you. The good news? There are smarter, more sustainable strategies to stay energized in your search— and actually get the results you want.
