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The president of the United States, Donald Trump, has asked the president of the Federal Reserve to give up “immediately”, at an escalation of his attacks against Jerome Powell.
“” Too late ‘should give up immediately !!! “, Trump said in a publication about his Truth Social Platform.
He also included a link to a news article about a federal housing regulator in the United States that requested Mr. Powell to investigated his testimony about the renovations of the Washington headquarters of the Central Bank.
Trump nominated Powell to be the president of the Fed during his first mandate. Since then, he has repeatedly criticized him for not reducing interest rates, but it is not clear if the president has the authority to get him out of office.
Despite the continuous criticism of Mr. Powell, he said earlier this year that “I had no intention of saying goodbye.”
Trump wants the Federal Reserve to decrease interest rates to help boost economic growth.
Powell said Tuesday that the Fed would have reduced the rates if it had not been due to the impact of Trump’s tariff policies.
When asked during a meeting of central bankers in Portugal if US rates would have been reduced again this year if the administration had not announced its plan to abruptly increase tariffs in countries around the world that Mr. Powell replied: “I think it is correct.”
The United States Federal Reserve declined to comment on Trump’s comments when the BBC was contacted.
Before Trump’s return to the White House earlier this year, Powell said he would not resign if the president asked him and that “he is not allowed by law” that the White House forces him to leave.
The members of the Board of Independent Federal Agencies such as the Federal Reserve can only be forced to leave before their terms expire “for cause”, according to an emblematic ruling of the United States Supreme Court in 1935.
However, Trump has often challenged political norms, including the dismissal of some independent regulators, actions that have been disputed in court.
On Wednesday, the director of the Federal Housing Finance Agency, Bill Ablicte, who previously criticized Powell, asked to be investigated.
“I am asking the Congress to investigate President Jerome Powell, his political bias and his deceptive testimony of the Senate, which is enough to be eliminated by cause,” ” Posted in x.
Last week, Powell told the Senate that reports on high costs and expensive features at the Fed headquarters were “deceitful and inaccurate in many, many aspects.”
