In a Cabinet meeting, Donald Trump stated that Jerome Powell needs to resign if allegations of misleading Congress are confirmed.
Allegations Against Powell
Trump expressed, 'If he misled Congress, then he should resign immediately.' The president insists on appointing someone who will work towards lowering interest rates.
Amidst Criticism
Criticism of Powell is not only coming from Trump. Bill Pulte, the director of the Federal Housing Finance Agency, argued that Powell’s testimony was misleading and called for an investigation. Trump echoed these demands on social media.
Potential Replacements for Powell
Scott Bessent, the Treasury Secretary, is mentioned among potential successors to Powell. However, Bessent stated he enjoys his current role and is open to moving if the president believes it is necessary.
Trump's criticism could impact the future of the Federal Reserve. Currently, Jerome Powell remains in his position.
