Trump Has a Message for Powell: 'Resign Immediately!!!'

Federal Reserve Chair Jerome Powell's term goes until 2026, but if President Donald Trump has his way, he would "resign immediately!!!" Such a directive came over a Truth Social post from the president on Wednesday night.

"'Too Late' should resign immediately!!!" Trump's post read, also linking to an article from Bloomberg, "Fed Chair Should Be Investigated by Congress, FHFA Head Says."

Trump has had that nickname for Powell for some time over his decision to keep interest rates steady, with CNBC pointing out in May that the president may very well have a point, calling the label "hard to avoid."

As for the FHFA head, Federal Housing Finance Agency Director Bill Pulte shared such a statement to X on Wednesday morning.

"I am asking Congress to investigate Chairman Jerome Powell, his political bias, and his deceptive Senate testimony, which is enough to be removed 'for cause.' Jerome Powell's $2.5B Building Renovation Scandal stinks to high heaven, and he lied hen asked about the specifics before Congress. This is nothing short of malfeasance and is worthy of 'for cause,'" Pulte's statement began.

"As Senator Cynthia Lummis said, 'he [Chairman Powell] made a number of factually inaccurate statements to the Committee regarding the Fed's plush private dining room and elevator, skylights, water features, and roof terrace,' and that 'this is typical of the mismanagement and 'don't bother me' attitude that Chair Powell has always shown,'" Pulte's statement continued before he once more stressed that "Chairman Powell needs to be investigated by Congress immediately."

According to plans submitted to the National Capital Planning Commission, the project is designed to upgrade the headquarters and a nearby building purchased by the Fed, as well as to consolidate workspace for central bank employees so the institution can get rid of some off-site leases.
“There’s no VIP dining room,” Powell told senators. “There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives, and there’s no roof terrace gardens.”
At least one of those statements is debatable. According to the documents submitted to the NCPC, as of 2021, the central bank planned to have “two pairs of vegetated roof spaces” for the finished headquarters, although only one of those pairs were planned as an “occupiable space” for building users. The other pair will only be accessible for maintenance, according to the document.
“Maximum occupiable space is not planned to exceed 735 [square feet] per terrace,” it said. The second building under renovation, labeled as “FRB-East” in the proposal, was also intended to have a pair of occupiable roof spaces, as of that time.
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Pulte, a one-time private equity executive and prolific poster on X, has been waging a social-media crusade against Powell in recent weeks over the central bank’s reluctance to slash borrowing costs.

This Wednesday night Truth Social post comes as Trump earlier this week showed off a handwritten note for Powell he included in a list of world central bank rates. Such a note also referenced the "too late" label.

"Jerome – You are, as usual, 'too late.' You have cost the USA A fortune – and continue to do so – you should lower the rate – by a lot! Hundreds of billions of dollars being lost! No inflation," Trump wrote before signing his name.

The United States is the 35th country on the list, at a 4.50 percent rate, with Trump also indicating he believes the country should be somewhere in the top six. The top country, Switzerland has a rate of 0.25 percent.