Trump "Powell wants to stay at the Fed because he can't find a job" venomous remarks

Trump "Powell wants to stay at the Fed because he can't find a job" venomous remarks

Powell's decision to remain as a board member even after his term as Fed Chair expires is disparaged

On the 29th (local time), U.S. President Donald Trump made venomous remarks against Federal Reserve (Fed) Chair Jerome Powell, who announced he would remain on the Fed board even after his term as chair expires.

President Trump said on social media Truth Social that "'Too late' Jerome Powell wants to stay at the Fed because he can't find a job anywhere," adding, "Nobody wants him."

This disparaged Powell's statement at his last press conference as chair today, where he said, "I will continue to serve as a board member for some period after my term as chair ends on May 15," implying he couldn't find another position.

At the press conference, Chair Powell expressed concerns about maintaining the Fed's independence, stating, "Regarding when I will leave, I will leave when I deem it appropriate."

Regarding the U.S. Department of Justice investigation into allegations of excessive spending on the Fed building renovation that surrounded him, Chair Powell said, "I have stated that I will not leave the Board until this investigation is transparently, finally, and completely concluded, and I am maintaining that."

In the past, it was customary for a Fed Chair to step down after their term ended, even if they had a remaining term as a board member. Chair Powell can serve as a Fed board member until January 2028 at the latest.

President Trump appointed Powell as Fed Chair in 2018 during his first administration, and after regaining power early last year, he has frequently criticized Chair Powell using harsh language for not acceding to demands for interest rate cuts.