Trump administration economist Kevin Hassett said Powell’s removal is being studied by the president and his team.
President Trump and his team are studying whether firing Federal Reserve Chair Jerome Powell is an option, according to National Economic Council Director Kevin Hassett.
Though appointed by the president and approved by Congress, the Federal Reserve chair is an independent role. Powell was nominated to lead the Fed by Mr. Trump in 2017 and was renominated to serve another 4-year term by President Joe Biden in November 2021. Powell’s term as Fed chair ends May 15, 2026.
«The President and his team will continue to study that matter», Hassett said when asked during a press gaggle on Friday if removing Powell from his post was likely.
Mr. Trump on Thursday took aim at Powell in a social media post, writing that the Fed should be cutting interest rates, and adding that his «termination cannot come fast enough.»
In a speech delivered on Wednesday, Powell warned that the Trump administration’s trade war could result in a combination of higher inflation and slower growth.
