President Donald Trump has once again called on Federal Reserve Chair Jerome Powell to resign.
This time, Trump made the demand during a Tuesday Cabinet meeting. The president said he would like to appoint a chairman for the central bank who would agree to lowering interest rates, as Fox News reported.
“He should resign immediately,” Trump said during the meeting. “We should get somebody in there that’s going to lower interest rates,” Trump replied.
Trump, who has himself been a huge proponent of anything that supports the economy and boosts the lending system, has been continually frustrated with Powell.
President elaborates
Trump was asked by a member of the press whether Powell should step down, particularly if he was guilty of some of the things of which he has been accused.
“It’s OK with me, I think he’s terrible,” Trump said.
He went on, “I think, look, we’re paying — I call him Too Late. T-o-o, too late, like ‘Too Tall’ Jones for the Dallas Cowboys. Too Late.”
The president continued, “He’s always late. But he wasn’t late with Biden before the election, he was cutting [interest rates] 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.”
While Trump has threatened to fire Powell in the past, the Fed is an independent agency, and the president does not have the authority to make such a removal, except in a case where it can be proven there is just cause.
Not the first time
This all comes a week after the last call from Trump for Powell to step down from his current position.
At the time, Trump was incensed about Powell’s role in the oversight of Fannie Mae and Freddie Mac, and he called on Congress to investigate past comments to lawmakers.
Trump used his nickname for Powell, saying “‘Too Late’ should resign immediately!!!” in a post on Truth Social.
The president linked to a news article in which Federal Housing Finance Agency Director Bill Pulte accused Powell of lying to lawmakers during testimony before the Senate Banking Committee.
Some observers have asserted that this would constitute precisely the sort of cause needed for Powell’s ouster.
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Author: Charlotte Tyler
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