Thu Jul 03 02:30:03 UTC 2025: **News Article:**
**Trump Intensifies Attacks, Calls for Fed Chair Powell to Resign “Immediately”**
Washington D.C. – President Donald Trump has renewed his calls for Federal Reserve Chair Jerome Powell to resign, escalating a long-standing conflict over interest rate policy and raising concerns about the independence of the U.S. central bank.
Trump’s latest demand came Wednesday via his Truth Social platform, following a call from Federal Housing Finance Agency Director Bill Pulte for Congress to investigate Powell for “political bias” and “deceptive testimony.” Trump echoed Pulte’s sentiments, stating that Powell, whom he nicknames “Too Late,” should step down immediately, criticizing Powell for not lowering interest rates faster.
This isn’t the first time Trump has publicly pressured Powell. Days earlier, he sent a letter demanding the Fed cut the benchmark interest rate “by a lot.” Trump has consistently argued that Powell’s cautious approach is hindering economic growth and that inflation concerns are overblown.
Powell defended the Fed’s stance at a European Central Bank forum this week, stating the central bank adopted a “wait-and-see” approach to rate cuts due to the potential inflationary impact of Trump’s tariffs.
Despite Trump’s repeated calls, legally removing Powell is a complex matter. U.S. law allows a president to fire the Fed chair only “for cause,” typically interpreted as specific misconduct, not policy disagreements. The Supreme Court recently reaffirmed this limitation, reinforcing the Fed’s distinct independence.
Despite these limitations, Trump has said that he has “two or three” possible replacements for Powell if the position becomes available. Powell’s term is not due to expire until May 2026.
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