Former President Donald Trump has once again launched a sharp attack on Federal Reserve Chairman Jerome Powell. During Tuesday’s Cabinet meeting at the White House, Trump stated that if it turns out Powell misled Congress about the Fed's headquarters renovation, he should step down without delay.

"If that was a lie, then he should resign immediately," Trump told reporters, adding that the position should be filled by someone willing to cut interest rates. Powell is currently under scrutiny over a costly renovation project of the Federal Reserve headquarters, which has drawn criticism from both lawmakers and the media.

"Terrible Choice" – Trump Seeks Powell’s Replacement

Trump reiterated that Powell’s appointment was a mistake and revealed he is already compiling a list of potential successors. He intends to replace Powell when his term ends in May 2026. According to Bloomberg, Trump has three to four candidates in mind who would align with his economic vision focused on lower interest rates.

Trump has long criticized Powell for keeping rates high, claiming it’s hurting the economy. “We need someone who won’t hold our economy hostage,” he said. In the past, Trump called Powell a “stubborn mule and a stupid person” and argued that his removal “can’t come fast enough,” though he later stated he had no intention to dismiss him prematurely.

Calls for Investigation Gain Momentum – Trump Adds Fuel

Criticism of Powell doesn’t only come from Trump. Bill Pulte, head of the Federal Housing Finance Agency, recently testified before lawmakers that Powell’s congressional statements regarding the Fed’s renovation were misleading. Pulte publicly called for an investigation into Powell’s claims, and Trump quickly amplified the call on social media.

The renovation project has become a media flashpoint due to soaring costs and alleged extravagant features. Powell defended himself before the Senate, claiming many of the reports were “in many ways inaccurate and misleading.” Still, pressure is mounting.

In June, the Fed kept interest rates steady at a range of 4.25% to 4.5%, where they’ve been since December. Powell told Congress that under normal circumstances, inflation trends would justify a rate cut—but uncertainty stemming from trade policies forced the Fed to proceed cautiously.

Bessent as a Potential Successor? “Maybe,” He Says

Speculation about who might succeed Powell is already circulating in Washington. One name that has surfaced is Treasury Secretary Scott Bessent. However, in an interview with FOX Business’s Maria Bartiromo, Bessent pushed back on the rumors: “I have the best job in Washington. Working with the President and this fantastic Cabinet is a dream come true.”

Still, he didn’t rule it out entirely. “I’ll go wherever the President thinks I can serve best,” he added. Bessent, who comes from a hedge fund background, has shown his effectiveness in handling international economic matters. Earlier this year, he traveled with U.S. trade representative Jamieson Greer to Switzerland to help ease trade tensions with China—proving himself a key player in Trump’s global economic strategy.

Trump Elevates the Fed Battle to a New Level

Trump’s criticism of Powell is nothing new, but the timing of this latest escalation—combined with calls for investigation and allegations of deception—marks a more aggressive stance from Trump’s camp. With Powell’s term ending in 2026, Trump is already shaping the future of the Federal Reserve.

For now, Powell remains in office—but it’s clear the Fed’s independence may be tested in the coming years like never before.




#TRUMP , #JeromePowell , #FederalReserve , #USPolitics , #whitehouse

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“