Trump Denies Report on Plan to Fire Fed Chair

US President Donald Trump reportedly told Republican lawmakers that he will fire Federal Reserve Chair Jerome Powell, reported CNBC, citing a senior White House official.

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17 July 2025

"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 anonymous official told CNBC.

Later on Wednesday, Trump denied that statement. "We're not planning on doing it," Trump said. "I don't rule out anything... But I think it's highly unlikely," he added.

The remarks came amid repeated attacks from Trump on the Fed chief, as the president wants Powell to lower interest rates. The most recent attacks occurred when White House officials blasted Powell for what they said were overpriced renovations to the Fed's headquarters in Washington, D.C., Xinhua reported.

A recent decision from the Supreme Court showed that the president lacks the authority to fire Federal Reserve officials.

In an interview with Bloomberg, Treasury Secretary Scott Bessent said he doubted that Trump would take such actions.

However, US Representative Anna Paulina Luna of Florida said on social media, "Hearing Jerome Powell is getting fired! From a very serious source."

She later posted, "I'm 99% sure firing is imminent."

Powell has said in the past that the president firing him is "not permitted under the law."

If the firing occurred, it would be the first time in US history./tasnim