Who is Chairman Jerome Powell?
Jerome Powell’s feud with President Donald Trump makes headlines. There’s everything you need to know about the Fed Chair.
- The Federal Reserve, under Speaker Jerome Powell, opposed pressure from President Trump to maintain its key interest rates and lower it.
- Trump criticized Powell’s decision, calling him “too late, too angry, too stupid, too political.”
- Trump had previously expressed his desire to fire Powell, but he lacks the legal authority to do so, but the Supreme Court case could potentially change the landscape of independent agency leadership.
Despite continued pressure from President Donald Trump, the Federal Reserve continued to change key interest rates on July 30, urging the president to recycle the attack on Federal Reserve Chairman Jerome “too late” Powell.
Trump has repeatedly spoken about firing Powell, while criticizing him for not lowering interest rates. Powell’s term as chairman is expected to end in May 2026.
The Fed’s decision kept the short-term rates the same all year round, balancing the need to grow the economy and the uncertainty around the way tariffs promote inflation.
“Jerome: “Too late,” Powell did it again!!!” Trump said in the Truth Social Post on July 31.
Trump has gone to the past threatening to fire Powell. But can he actually do that?
Can Trump fire Jerome Powell?
Legally, no.
Powell addressed the potential political pressure during his speech in Chicago in April.
“Our independence is a matter of law,” Powell said.
“So Congress could potentially change that law, but I don’t think there’s a risk,” Powell said. “FRED independence has fairly widespread support on both parties and on both sides of the hill.”
But Powell also mentioned the lawsuit Trump brought to the U.S. Supreme Court, saying it could change the landscape of the relationship between an independent committee and those in power. At its core, the case will challenge the precedent of Humphrey’s 1935 enforcer.
“I don’t think that decision applies to the Fed, but I don’t know. It’s a carefully monitored situation,” Powell said in April.
Since then, the Supreme Court has given Trump a victory in the case and has shown that he could later overturn the ruling, but suggests the Fed will be exempt, Reuters reported.
Did Trump nominate Jerome Powell?
yes.
Powell was appointed chairman during the first Trump administration and was reappointed in 2022 for a four-year term under the Biden administration.
On July 16th, Trump appeared to pin Powell’s position on Biden.
“He’s a terrible Fed chair. I was surprised he was appointed,” Trump said. “Frankly, I was surprised that Biden put him in and spread him out, but they did.”
What is the Federal Reserve, also known as the Fed?
The Federal Reserve, also known as the “Fed,” is a US central bank that oversees monetary policy and financial regulations, and “helps the effective operation of the US economy and, more generally, serves the public interest,” the website says.
This includes setting interest rates and focusing on Trump’s complaints about Powell.
The Fed consists of three key entities: the Board of Directors, 12 Federal Reserve Banks and the Federal Open Market Committee.
Who is Jerome Powell?
Jerome Powell is the chairman of the Federal Reserve.
He has been a member of the Board since 2012 and will remain on the Board until January 2028, after his term as chairman.
He previously served as an assistant secretary and under the U.S. Treasury secretary under the first Bush administration.
Contributors: Joey Garrison, Aisha Baguch, Erin Mansfield, Paul Davidson, Zach Anderson, Jordan Culver, USA Today
Kinsey Crowley is a Trump Connect reporter for the USA Today Network. Contact her at kcrowley@gannett.com. Follow her on X and Tiktok @kinseycrowley or Bluesky @kinseycrowley.bsky.social.
