{"id":30835,"date":"2025-07-16T16:25:14","date_gmt":"2025-07-16T16:25:14","guid":{"rendered":"https:\/\/usdailys.com\/?p=30835"},"modified":"2025-07-16T16:25:14","modified_gmt":"2025-07-16T16:25:14","slug":"president-trump-told-top-gop-lawmakers-he-will-likely-fire-fed-chair-jerome-powell-sources","status":"publish","type":"post","link":"https:\/\/usdailys.com\/?p=30835","title":{"rendered":"President Trump told top GOP lawmakers he will likely fire Fed Chair Jerome Powell: sources"},"content":{"rendered":"

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President Trump has told top GOP lawmakers\u00a0<\/a>he will likely fire Fed Chair Jerome Powell, two sources briefed on the matter told The Post.<\/p>\n

The sources confirmed an earlier report by Bloomberg News, citing people familiar with the matter, which said Trump discussed the plan with GOP lawmakers in Congress on Tuesday.<\/p>\n

An administration insider close to the commander-in-chief, speaking on the condition of anonymity, confirmed the nature of those talks to The Post with congressional Republicans.<\/p>\n

\n
\"Donald3<\/span><\/span><\/span><\/a><\/div>
Two sources briefed on the matter said President Trump discussed firing Fed Chair Jerome Powell in a meeting with GOP lawmakers.Ron Sachs\/CNP \/ SplashNews.com<\/span><\/figcaption><\/figure>\n

\u201cThey expressed approval for firing him. The President indicated he likely will soon,\u201d the source said.<\/p>\n

The news comes as Powell came under fire for refusing to cut interest rates despite Trump\u2019s relentless demands.<\/p>\n

It also comes after what one senior administration official branded a \u201cdeceptive\u201d testimony by the Fed chair to the Senate Banking Committee on June 25 about the central bank\u2019s $2.5 billion \u201cPalace of Versailles\u201d revamp of its DC headquarters.<\/p>\n

Critics compared the glorified vanity project to the French monarchy\u2019s former residence, which has seen costs balloon by 30% from an initial estimate of $1.9 billion.<\/p>\n

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\"Illustration3<\/span><\/span><\/span><\/a><\/div>
The Post\u2019s original artwork after Jerome Powell trashed this newspaper\u2019s reporting of the $2.5 billion HQ revamp in Washington, DC.Jack Forbes \/ Donald Pearsall \/ NY Post Design<\/span><\/figcaption><\/figure>\n

Powell, facing questioning by GOP lawmakers including Senate Banking Committee Chairman Tim Scott, denied The Post\u2019s exclusive reporting about the lavish renovations to the Fed\u2019s offices.<\/p>\n

The 72-year-old trashed this newspaper\u2019s coverage of the scandal as \u201cmisleading and inaccurate\u201d despite directly contradicting the project\u2019s own planning documents that were signed off in 2021.<\/p>\n

Former DOGE chief Elon Musk referred to The Post\u2019s original story on the renovations as \u201can eyebrow raiser\u201d that could be investigated.<\/p>\n

\n
\"Illustration3<\/span><\/span><\/span><\/a><\/div>
Documents filed by the Federal Reserve with the National Capital Planning Commission directly contradicted Powell\u2019s own testimony to the Senate Banking Committee on June 25.NCPC<\/span><\/figcaption><\/figure>\n

The work was rubber-stamped at the height of the coronavirus pandemic when many ordinary Americans were battling rampant inflation under the Biden-Harris administration.<\/p>\n

It is now effectively being bankrolled by US taxpayers, given the Fed\u2019s mounting losses, which have topped just over $220 billion.<\/p>\n

When America\u2019s central bank is in the black, the profits are then transferred to the Treasury to help pay for this nation\u2019s defense, Medicare and social security.<\/p>\n

A separate administration official told The Post that White House counsel believes the Fed broke DC planning regulations by not submitting any revisions to the National Capital Planning Commission.<\/p>\n

\u201cThe Federal Reserve Act authorizes the President to fire a top Fed official for \u2018inefficiency\u2019, which refers to gross mismanagement of public funds, or \u2018malfeasance\u2019, which refers to violations of law,\u201d said Andrew T. Levin, a professor of economics at Dartmouth College and a former senior Fed official.<\/p>\n

A White House spokesman declined to comment. A Fed spokesman pointed to remarks Powell made on April 4 that he \u201cintends\u201d to see out his full term that expires in May of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

  President Trump has told top GOP lawmakers\u00a0he will likely fire Fed Chair Jerome Powell, two sources briefed on the matter told The Post. The sources confirmed an earlier report … <\/p>\n","protected":false},"author":2,"featured_media":30836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-30835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/30835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30835"}],"version-history":[{"count":2,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/30835\/revisions"}],"predecessor-version":[{"id":30838,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/posts\/30835\/revisions\/30838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=\/wp\/v2\/media\/30836"}],"wp:attachment":[{"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usdailys.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}