Jerome Powell is going to be fired. Firing is imminent.
— Rep. Anna Paulina Luna (@RepLuna) July 16, 2025
Trump has been incessant in his attack on the Fed chair. In the most recent line of attack, he accused the Fed chair of conducting an ostentatious renovation of the central bank’s building.
The Fed has been renovating two of its office buildings in Washington for several years at a current cost estimate of about $2.5 billion, $700 million more than originally expected. The project was first approved by the Fed’s governing board in 2017.Russ Vought, the president’s top budget advisor, said that President Donald Trump is “extremely troubled” about the “ostentatious overhaul” and suggested that it may be violating local building rules.
Not just Vought, but also the Trump Administration’s Secretary of the Treasury, Scott Bessent, a man who is seen by many as a successor to Powell, said Fed Chair Jerome Powell should leave the board in May 2026. Powell’s term as a Fed governor doesn’t end until January 2028.
Powell was first appointed as the head of the world’s most powerful and influential central bank in 2018 by Donald Trump himself, when he first came to power. He was later asked to continue by the Biden administration.
Read Also: Scott Bessent is not top Fed candidate but ‘very good,’ Trump says
(With Inputs From Associated Press)
First Published: Jul 16, 2025 11:24 AM IS
