President Donald Trump confirmed this week that he recently asked House Republicans whether he should fire Federal Reserve Chair Jerome Powell — and nearly all said yes.
However, Trump said he is not currently moving to remove Powell, despite long-standing frustration with the Fed chief’s handling of interest rates.
Speaking from the White House on Wednesday, Trump criticized Powell’s performance and said he floated the idea of removing him to a group of GOP lawmakers. “Almost every one of them said I should,” Trump told reporters. “But I’m more conservative than they are.”
Trump Slams Powell Over Interest Rate Decisions
Trump, who appointed Powell to the position in 2017, reiterated that he believes the Fed has failed to act in the best interest of the American economy.
“He should have cut interest rates a long time ago,” Trump said, blaming Powell for higher borrowing costs that impact families looking to buy homes.
“He’s doing a terrible job,” Trump added.
“He’s costing us a lot of money… It does hurt people wanting to get a mortgage. People want to buy a house. He’s a terrible Fed chair.”
The president also criticized Powell for not aligning with the administration’s pro-growth agenda, saying the country’s strong performance — including record market numbers — was happening “in spite of him.”
Powell’s Tenure Extended by Biden Raises Questions
Although Powell was originally appointed by Trump, his tenure was extended by Former President Joe Biden. Trump expressed surprise over that decision, telling reporters,
“I was surprised, frankly, that Biden put him in and extended him.”
While Trump has openly questioned Powell’s leadership for years, he clarified that he is not actively working to oust him — at least for now. Still, when asked if he was ruling it out, Trump responded, “I don’t rule out anything.”
Fed Building Renovation Sparks Concern
Trump also raised alarms over a costly renovation project at the Federal Reserve’s headquarters, suggesting it may be grounds for further scrutiny.
He claimed Powell is overseeing a $2.5 to $2.7 billion rebuild of the facility, calling the spending excessive and potentially suspect.
“How do you spend $2.7 billion?” Trump asked. “Unless he has to leave for fraud — I mean, it’s possible there’s fraud involved.”
The president said Powell “doesn’t look like the kind of guy who wants to spend $2.5 billion,” and emphasized his concern over the scale of the renovation, hinting it could justify Powell’s removal if wrongdoing is uncovered.
According to Trump, when he asked House Republicans whether he should fire Powell, “almost every one of them said I should.”
That support reflects a broader dissatisfaction among conservatives with the Fed’s recent actions, particularly its reluctance to reduce rates amid stable inflation and strong economic indicators.
The administration continues to push for rate cuts, arguing that lower borrowing costs would fuel more investment, home buying, and business growth. “Our country deserves it,” Trump said. “We’re making a lot of money. We’re doing great as a country.”
