US President Donald Trump has called upon the President of the Federal Reserve to leave his attacks on Geom Powell immediately.
“It’s too late” should resign immediately !!! “, Trump said in one of his posts Truth social platform,
He also included a link to a news article about an American federal accommodation regulator, which was called to Mr. Powell at the Central Bank’s Washington Headquarters to investigate his testimony about renewal.
Trump named Mr. Powell as Fed Chair during his first term. Since then, he has repeatedly criticized him for not cutting interest rates, but it is not clear whether the President has the right to remove him from the post.
Despite Mr. Powell’s constant criticism of the President, he said that earlier this year “had no intention of fire”.
Trump wants the Federal Reserve to reduce interest rates to help promote economic growth.
Mr. Powell said on Tuesday that Fed would have already cut rates, it was not for the effect of Trump’s tariff policies.
During a meeting of central bankers in Portugal, when asked if the US rates would have been re -cut this year if the administration had not announced its plan to raise the tariff on countries around the world, Mr. Powell replied, “I think it’s right.”
The US Federal Reserve refused to comment on Trump’s remarks when the BBC contacted.
Mr. Powell was converted into a position by the then President Joe Biden and his current word is scheduled to end in May 2026.
After Trump’s return to power earlier this year, Mr. Powell said that if the President asked him and “not allowed under the law” to force him for the White House, he would not step down.
Board members of independent federal agencies like Federal Reserve can only be forced before the termination of “for reason” according to the US Supreme Court’s decision in 1935.
However, Trump has often challenged political norms, including firing some independent regulators, contesting elections in court.
On Wednesday, Bill Pulte, Director of the Federal Housing Finance Agency, who has previously criticized Mr. Powell, called for him to investigate him.
“I am asking the Congress to investigate the President Geom Powell, his political bias and his misleading Senate testimony, which is enough to remove ‘for reason”, ” They posted on X,
Last week, Mr. Powell told the Senate that the report was reported about increasing cost and expensive features at the headquarters of Fed, “many, in many cases were misleading and wrong.”
