President Donald Trump on Tuesday appeared to reignite his criticism of Federal Reserve Chairman Jerome Powell, declaring the chairman was a “stupid man” and that other people were stopping him from firing him.
Trump has long stated that he would fire Powell if he could, but courts and experts have warned that he cannot do so without sufficient cause, which typically refers to severe misconduct or negligence, not policy disagreements and personal opinions.
The president repeated the notion that he would get rid of the chairman immediately if it was possible, but Powell’s term is not expected to end until May 2026. Powell has so far rejected calls to resign on his own accord.
“I’d love to get the guy currently in there out right now, but people are holding me back,” Trump told reporters at the White House. “He has done terrible things … He’s a fool. He’s a stupid man.”
The comment comes after reporters asked Trump if he had selected a replacement for Powell when he leaves next year. Trump said that he believes he already knows who he wants to replace Powell next year, but that his first choice is Treasury Secretary Scott Bessent, who confirmed he still prefers Treasury instead.
