Trump lashed out at Jerome Powell on his Truth Social platform after the Federal Reserve chairman confirmed he would remain a governor on the central bank's board beyond his chairmanship. Powell's decision, set to keep him on the board until January 2028, prompted Trump to claim the chairman wanted to stay because "he can't get a job anywhere else — Nobody wants him."
Powell, who has served as chairman since 2018 after Trump nominated him to replace Janet Yellen, announced his intention to remain on the Board of Governors in an untraditional move. At a news conference on Wednesday, Powell explained that his decision stemmed from concerns about the Trump administration's legal attacks on the Federal Reserve. "I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors," Powell said. He added that he planned to maintain a low profile in his role as governor.
Trump has repeatedly criticized Powell over interest rate policy. Powell has resisted Trump's calls to lower rates, a point of continued friction between the two. Trump's latest criticism came as the Justice Department, under the Trump administration, has pursued investigations into Federal Reserve matters and pushed to remove board governor Lisa Cook, who disputes allegations of mortgage fraud against her.
Powell indicated his departure from the board depends on the resolution of the administration's investigations. "I'm waiting for that," Powell told the New York Times, referring to the Justice Department dropping its probe into Federal Reserve building renovations and related testimony. "And I will leave when I think it's appropriate to do so."
U.S. Attorney Jeanine Pirro, a Trump ally, has stated she would "not hesitate" to resume the investigation after hearing from the Federal Reserve's internal watchdog. Cook's removal would require presidential action for cause, and she has sued Trump over the matter. The Supreme Court has not yet ruled on the dispute.
