Trump Admin Cheers ‘Reports’ That Jerome Powell ‘Considering Resigning’

The Trump administration said Friday that it was encouraged by “reports” that Federal Reserve Chair Jerome Powell was considering resigning. 

Federal Housing Finance Agency Director William Pulte released a statement saying that it would help the economy for Powell to retire. It is unclear what reports Pulte was referring to, but Trump has repeatedly slammed Powell for his refusal to lower interest rates and called for him to leave his post. 

“I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right decision for America, and the economy will boom,” Pulte said. 

Earlier in the day, Trump again laid into Powell as he spoke to reporters before leaving for a trip to visit flood victims in Texas. 

“I think he’s doing a terrible job,” Trump said. “I think we should be 3 points lower, interest rates. He’s costing our country a lot of money.”

“We should be No. 1, and we’re not, and that’s because of Jerome Powell,” the president added. 

During his cabinet meeting on Tuesday, Trump said that Powell should “resign immediately” so someone could be appointed who would lower interest rates. 

“He’s always late. But he wasn’t late with Biden before the election, he was cutting them like crazy. It didn’t help too much, did it? But he was cutting them like crazy before the election with Kamala and Biden. He was trying to get them in, I guess. I don’t know, he was recommended by somebody who worked for me,” the president said.

Powell’s term as Fed chair ends in May 2026, but his current term at the Fed goes until January 2028.

In recent days, Powell has also faced pressure from the Trump administration and the Senate for his handling of renovations to the Fed’s headquarters in Washington, D.C.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Office of Management and Budget Director Russ Vought said on Thursday. “Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”