Jerome Powell, chair of the Federal Reserve, is facing backlash by Donald Trump over his open criticism over the president’s tariff police and economic plans. After the president enacted multiple executive orders and other changes when he took office, Powell has expressed concern over the impact on the Federal Reserve. Earlier this month, Powell said at an event that the “level of the tariff increases announced so far is significantly larger than anticipated.”
In response, Trump retorted that Powell’s “termination cannot come fast enough” in a Truth Social post.
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote. “Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
So, is it possible for Trump to fire Powell from his position as chair of the Federal Reserve? Find out below.
Who Is Jerome Powell?
Powell currently serves as the chair of the Federal Reserve. He is also an investment banker and a lawyer. A graduate of Princeton University and the Georgetown University Law Center, he worked as an attorney for about five years until he transitioned into investment banking.
When Does Jerome Powell’s Term End?
Powell is expected to serve as chair of the Federal Reserve through at least May 2026. Despite Trump’s calls for him to resign, Powell has stated that he plans to serve his entire term.
Can Trump Fire Powell?
According to Powell and the law, no, Trump can’t fire him. In late 2024, Powell noted that it’s “not permitted under the law” for a president to terminate any member of the U.S. central bank.
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