U.S. Federal Reserve Chair Jerome Powell and U.S. President Donald Trump.
Craig Hudson | Evelyn Hockstein | Reuters
President Donald Trump told a room full of Republican lawmakers that he will fire Federal Reseve Chairman Jerome Powell, after receiving approval from them to make the move, a senior White House official told CNBC.
Amid repeated denials from administration officials and high-ranking Republicans, the exchange came Tuesday evening in the Oval Office, following Republicans blocking a vote on cryptocurrency legislation that Trump has favored.
“The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” the official said.
CBS News first reported the meeting.
Trump and other White House figures have launched a multi-pronged attack on Powell as push the central bank to lower is key borrowing rate. Most recently, they have blasted Powell after renovations to the Fed’s Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause.
A recent Supreme Court decision indicated that the president does not have the authority to remove Fed officials at will.
In a CNBC interview Wednesday, Rep. French Chill, the chair of the House Financial Services Committee, repeated that “I don’t see” Trump firing Powell. Treasury Secretary Scott Bessent also told Bloomberg News on Tuesday that he didn’t expect Trump to move in that direction.
However, Rep. Anna Paulina Luna, a Florida Republican who on Tuesday joined with other party members in blocking the crypto initiative, said on social media site X that a move against Powell is forthcoming.
“Hearing Jerome Powell is getting fired! From a very serious source,” she said, later adding, “I’m 99% sure firing is imminent.”
