Trump Mulls Firing Powell, Draft Letter Circulates at Oval Office Meeting
President Donald Trump displayed a draft letter to dismiss Federal Reserve Chair Jerome H. Powell during a meeting with House Republicans this week, according to two sources familiar with the discussion.
During the Tuesday evening meeting — which was officially convened to discuss cryptocurrency legislation — Trump turned the conversation to his frustrations with Powell, a frequent target of his criticism, and asked the assembled lawmakers if he should follow through with firing him.
Long-Running Friction Between Trump and Powell
Trump’s dissatisfaction with Powell, whom he appointed in 2017 during his first term, has escalated in recent weeks. The president has publicly called for Powell’s resignation, accusing him of failing to cut interest rates despite global trends toward easing.
On Friday, however, Trump claimed he had no immediate plans to remove Powell, even as he labeled his performance “terrible.”
According to aides and allies, Trump’s actions often blend showmanship and genuine intent, making it unclear whether he will ultimately deliver the letter.
Reaction Inside and Outside the White House
Representative Anna Paulina Luna of Florida added fuel to the speculation by posting on X during the meeting: “Jerome Powell is going to be fired. Firing is imminent.”
However, others close to Trump cautioned that he may simply be trying to pressure and undermine Powell rather than actually remove him. A White House spokesperson declined to comment on the matter.
Trump’s rhetoric has intensified recently, with the president calling Powell a “major loser,” a “numbskull,” and a “stubborn mule,” and criticizing the Fed’s ongoing renovations of its historic headquarters, which have gone significantly over budget.
Legal and Historical Context
Removing a Federal Reserve chair is unprecedented in modern U.S. history. By law, the Fed operates independently, and its members are protected from removal without cause, such as misconduct. A recent Supreme Court decision reaffirmed these protections for heads of independent agencies.
Powell’s term as chair officially ends in May, but he could remain on the Fed’s Board of Governors through 2028 if he chooses.
Broader Political Landscape
The push against Powell also coincides with Trump facing internal pressure from his supporters over transparency about files related to Jeffrey Epstein — a separate controversy that has fueled dissent within his base.
Whether Trump proceeds with firing Powell remains uncertain, but his visible frustration and circulation of a dismissal letter suggest he is testing the political waters.
About the Author
