A shakeup could be coming soon to the Federal Reserve if President Donald Trump gets his wish about a change in leadership.
Trump, who has a longstanding beef with Federal Reserve Chair Jerome Powell, has called for Powell to resign after what was allegedly “deceptive” testimony before Congress given by the Fed leader, as Fox News reported.
Trump responded to an assertion by the Federal Housing Finance Agency (FHFA) that Powell was untruthful. The claim seems to have increased Trump’s already mounting frustration, kicked off by Powell’s refusal to lower interest rates.
According to Trump, Powell’s actions have cost the United States a “fortune” and he sent the chairman a strongly worded letter voicing his concerns.
From Trump
Early this week Trump reached out to Powell, telling him in a Monday letter that other nations are lowering interest rates faster than the United States and questioning the Fed’s decision on the issue.
White House press secretary Karoline Leavitt read the president’s note to Powell on Monday where the president said, “”Jerome, you are, as usual, too late.
“‘You have cost the USA a fortune and continue to do so. You should lower the rate by a lot. Hundreds of billions of dollars are being lost and there is no inflation.'”
That came before Trump reposted an article by Bloomberg where the FHFA head called for an investigation. Trump said in his Truth Social post, “Too Late’ should resign immediately!!!”
A Call to Investigate
The call by the U.S. Federal Housing Chair, Bill Pulte, to investigate Powell was due to his recent testimony, which came following questions about what some claim are artificially high interest rates.
At least one political commentator, Nick Sorter, took to X in a July 2 post to talk about the call to investigate Powell, and he went on to say he believes the rate levels were kept high to “spite President Trump.”
🚨 BREAKING: US Federal Housing Chair Bill @Pulte calls for Congress to INVESTIGATE Jerome Powell
Powell has kept rates artificially high to spite President Trump, causing MILLIONS of homeowners and buyers great harm.
DO YOUR JOB, CONGRESS! Investigate Powell! pic.twitter.com/H9dS7sNPkZ
— Nick Sortor (@nicksortor) July 2, 2025
From Treasury
The issue of money is, of course, at the forefront for Treasury Secretary Scott Bessent, who was asked about the call for resignation.
Bessent responded to questions about Powell during a July 3 interview, saying that the Trump administration has been consistent in its efforts to “get waste, fraud, and abuse out of the system.”
“So, is it healthy for the Fed to get [its] spending under control, just like everybody else, in this time of belt-tightening and right-sizing the federal government? Sure,” Bessent said Thursday during FOX Business’s “Mornings with Maria.”
When “asked by host Maria Bartiromo if Bessent wanted Powell to resign, the treasury secretary said, “I want to see the Fed right-size their budget.”
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Author: Charlotte Tyler
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