President Trump hosted a meeting with several House Republicans on Tuesday and discussed the removal of Fed Chair Jerome Powell. Trump has pressured Powell to lower interest rates several times during the past few months, citing low inflation and elevated U.S. government debt payments as a result of high rates.
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The meeting’s primary topic was cryptocurrency bills, although Trump used the opportunity to poll the participants on whether he should fire Powell.
He also presented a draft of a letter about Powell’s removal, according to The New York Times. The contents of the letter are unclear.
Trump Likely to Fire Powell Soon
Trump will likely fire Powell soon, a White House official who requested anonymity told Bloomberg. Powell’s term as Chair ends in May 2026, although his term as a Fed Governor expires later in January 2028.
A Fed Chair can legally be removed “for cause.” Trump could possibly bring up Powell’s controversial $2.5 billion renovation of the Fed’s Washington, D.C. headquarters as a legal cause.
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