Senator Bernie Moreno (R-OH) has pointed out that Powell has become surprisingly vocal during Trump's administration, despite his conspicuous silence throughout the Biden-Harris administration, a period marked by rampant inflation and economic downturn due to the COVID-induced shutdown of small businesses. Echoing Trump's sentiments, Moreno has publicly called for Powell's resignation.
"Jerome Powell is sabotaging working Americans and costing our country hundreds of billions of dollars with his political games. For the sake of the institution, resign," Moreno stated.
July 14, 2025
Meanwhile, Federal Housing Finance Administration (FHFA) Director Bill Pulte has accused Powell of dishonesty regarding the $2.5 billion renovation of the Federal Reserve building. Pulte is advocating for an investigation into Powell's alleged political bias and misleading testimony before the Senate. According to RedState, such allegations of misconduct could potentially provide grounds for Trump to dismiss Powell, although the president is more inclined towards seeing Powell resign voluntarily.
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Despite rumors suggesting that Powell is contemplating resignation, he appears to be committed to his position. However, Trump, known for his "Art of the Troll" tactics, continues to exert pressure on Powell, employing his persuasive rhetoric to undermine the Fed chair's reputation and confidence.
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Upon his return from the FIFA Club World Cup in New Jersey, Trump maintained his offensive against Powell. Speaking to reporters at Joint Base Andrews, Trump criticized Powell's performance, stating, "Jerome Powell's been very bad for our country. We should have the lowest interest rate on earth, and we don't... and yet, he's spending $2.5 billion rebuilding the Fed — the Federal Reserve building... I call him 'Too Late' — he's always too late."
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Trump further elaborated on his criticism of Powell, stating, "I think that if Jerome Powell stepped down, it would be a great thing, I don't know if he's going to, but he should." He continued, "Every point costs us 360 billion dollars. Think of that. And we should be three points — That's almost a trillion dollars, approximately a trillion dollars less we should be, just by the signing of a piece of paper."
Stephen Moore, founder of the Club for Growth and a staunch Trump supporter, agrees with the president's call for a reduction in interest rates. He also highlights that despite the Federal Reserve's claims of political independence, its economists have shown a 90% alignment with the Democratic Party. Moore suggests that Powell's decision to cut interest rates in September 2024, just ahead of the November elections, indicates a partisan rather than independent approach. James Fishback, CEO of Azoria Investments, shares these sentiments.
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"Trump is right about Powell. Inflation just hit a 4-year low—and it’s heading even lower. So why is Jerome Powell (Too Late!) keeping interest rates near 20-year highs? He claims he can’t cut now, but he had no issue cutting rates by 50 points right before the election when inflation was higher than it is today," Fishback stated.
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As the pressure on Powell mounts from the executive, legislative, and financial sectors, it remains to be seen whether he will stand his ground or ultimately capitulate. While Trump is known for his combative nature, bureaucratic elites like Powell are typically less inclined towards confrontation.
