President Donald Trump has publicly demanded the resignation of Federal Reserve Chair Jerome Powell. This call comes in the wake of accusations from the Federal Housing Finance Agency Director, alleging that Powell provided misleading testimony.
What Happened: Trump voiced his demand for Powell’s resignation on Wednesday via a post on Truth Social, first noted on The Hill.
Screenshot from Donald Trump’s Truth Social Account
The call for resignation followed accusations from Federal Housing Finance Agency Director Bill Pulte, a critic of Powell, who claimed that Powell had provided false information during a Senate Banking Committee testimony.
Pulte alleges that Powell lied about the specifics of renovations at the Federal Reserve’s Washington, D.C. headquarters, particularly a supposed $2.5 billion renovation plan. Powell had previously stated that extravagant features were part of older plans and have since been discarded, while other costs, such as elevator repairs and marble fixtures, were for basic maintenance.
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Pulte argued that Powell’s “deceptive” testimony was grounds for dismissal. Rep. Jim Jordan (R-Ohio), chair of the House Judiciary Committee, confirmed that lawmakers will consider calls to investigate Powell, according to the report.
Trump, who appointed Powell in 2017, has been critical of the Federal Reserve Chair for some time, even giving him the nickname “Too Late” in response to the Fed’s decision to maintain steady interest rates.
Why It Matters: This is not the first time Trump has criticized Powell. Last month, Trump accused Powell of keeping interest rates “artificially high.”
On Wednesday, Ed Yardeni, president of Yardeni Research, suggested that Trump’s criticism of Powell was a strategic move to weaken the U.S. dollar.
Earlier, Powell indicated that Trump’s tariff strategy had deterred the Federal Reserve from implementing a more lenient monetary policy.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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