President Donald Trump is reportedly moving to fire Federal Reserve Chair Jerome Powell, according to different reports published on Wednesday.
The move was discussed during a meeting with congressional Republicans on Tuesday night. There, he received support from lawmakers even though markets would likely experience volatility and the decision would be challenged in the courts.
CBS News detailed that members of the House Financial Services Committee are planning to meet with Powell on Wednesday night, with some wanting to reinforce the independence of his role.
Republican Rep. Anna Paulina Luna anticipated the possibility on Tuesday night, saying on social media "Hearing Jerome Powell is getting fired! From a very serious source."
Hearing Jerome Powell is getting fired! From a very serious source. 👀
— Anna Paulina Luna (@realannapaulina) July 16, 2025
Trump has repeatedly criticized Powell for not lowering interest rates during his presidency. He has called Powell "Mr. Too Late," among other monikers.
The administration has increased pressure on Powell and the Fed, lately accusing him of mismanaging a multibillion-dollar project to renovate its Washington headquarters.
"I think he's a total stiff. But the one thing I didn't see him is a guy that needed a palace to live in," Trump said when discussing the renovation. Powell has pushed back against the claims.
The potential move comes even though Trump said he wouldn't force Powell out before the end of his term, but has called on him to resign before the date, May 2026.
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