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Trump Urges Powell to Resign, Criticizes Fed Over Economic Policy

  • Trump Slams Powell: Calls the Fed Chair “very bad for the country” and says it would “be a great thing” if he stepped down.
  • Interest Rate Clash: Trump argues the U.S. should have the lowest rates in the world, blames Powell for costly delays, and labels him “too late.”
  • $2.5B Fed Renovation: Trump questions Powell’s \$2.5 billion building project amid ongoing disputes over economic policy.

President Donald Trump took aim at Federal Reserve Chair Jerome Powell on Sunday, saying it would “be a great thing” for the U.S. if Powell stepped down, adding, “he’s very bad for the country.”

Trump has repeatedly expressed frustration with Powell—whom he appointed in 2017—accusing him of failing to cut interest rates aggressively enough to boost economic growth.

While speaking to reporters, Trump was asked about a proposed bill eliminating capital gains taxes on home sales, designed to help long-term homeowners who cannot afford hefty tax bills when selling their property. Trump called the measure “a great incentive for a lot of people” who need extra cash.

The conversation then turned to Powell. When asked if Powell stepping down could further stimulate home sales, Trump didn’t hesitate. “Well, I think if Jerome Powell stepped down, it would be a great thing. I don’t know that he’s going to, but he should,”Trump said. “Jerome Powell has been very bad for our country. We should have the lowest interest rate on Earth, and we don’t. He just refuses to do it.”

Trump also criticized the Fed’s $2.5 billion renovation project, questioning Powell’s judgment. “I don’t know what he knows about building, but you talk about cost overrun,” Trump said, noting the plan began during the Biden administration.

Speaking on the economy, Trump insisted inflation is under control and foreign investment is flowing into the U.S. He argued that the Fed has repeatedly miscalculated economic trends.

“I can tell you, I don’t need 5,000 people working for me behind the scenes like Jerome Powell, to tell him what he should say once a month, because they got it wrong. The Fed got it wrong,” he said. “I call him ‘too late.’ He’s always late.”

Trump estimated that “every point costs us $360 billion,” claiming rates should be three points lower, saving nearly a trillion dollars.
“We’ll see what happens,” he added.

When a reporter suggested Powell might resign, Trump replied:
“I mean, you’re telling me he’s going to quit. I hope he quits. I don’t know if he’s gonna quit, but he should because he’s been very bad for the country.”

The Fed’s renovation cost jumped from an estimated $1.9 billion in 2019 to nearly $2.5 billion due to rising material costs, according to budget documents cited by The Wall Street Journal. Federal law gives the Fed authority over its own facilities and funding, which comes from its operations—not taxpayer dollars.

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