Federal Reserve Chairman Jerome Powell may be considering stepping down, according to a claim made by a top Trump administration official on Friday. However, there is no official confirmation or reliable report to back this claim yet.
Bill Pulte, Director of the Federal Housing Finance Agency and a vocal critic of Powell, hinted on social media and the agency’s website that Powell might resign. Pulte, who has supported President Donald Trump’s push for aggressive interest rate cuts, said he is “encouraged” by the reports of Powell’s possible resignation, though he did not name any sources.
“I believe this will be the right decision for America, and the economy will boom,” Pulte posted.
The comments came a day after Russell Vought, Trump’s budget chief, sharply criticized Powell. In a letter addressed to the Fed Chair, Vought accused him of mismanaging the central bank and wasting taxpayer money on what he called a “lavish” renovation of the Federal Reserve’s headquarters in Washington, D.C.
“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote. “Instead of fixing the Fed’s finances, you’ve gone ahead with an unnecessary and costly overhaul of your office.”
President Trump has repeatedly pressured the Fed to lower interest rates, blaming Powell for holding back economic growth. Some reports have even suggested that Trump considered firing Powell in the past, although he lacks the legal authority to do so directly.
As of now, Powell has not responded to the latest wave of criticism and has made no public comment about stepping down.
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