Trump likely to fire Fed Chair Powell soon: White House official

President Donald Trump told a room full of Republican lawmakers that he will fire Federal Reserve Chair Jerome Powell, after they signaled support for 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,” said the official, who spoke on the condition of anonymity to speak candidly on the issue.

There does not appear to be a set timetable and the firing does not appear imminent. Separately, the New York Times reported that Trump has gone so far to draft a letter for firing Powell and showed it to lawmakers during that meeting.

A Fed official declined comment to CNBC on the report.

Trump and other White House figures have launched a multi-pronged attack on Powell to push the central bank to lower its key borrowing rate. Most recently, they have blasted Powell over 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 Hill, 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.”

In prior statements on the matter, Powell has said his firing is “not permitted under the law.” No president ever has attempted to so in the past, though others have criticized the central bank leader.

Trump nominated Powell for the chair in November 2018 to succeed Janet Yellen, who went on to become Treasury secretary under former President Joe Biden after holding the Fed position for four years. The Senate confirmed Powell the following February, but has been the subject of frequent criticism from Trump both during the president’s first term and the second.