President Donald Trump is reportedly preparing to fire Federal Reserve Chairman Jerome Powell, according to a senior White House official who spoke to CNBC on condition of anonymity. “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 official said, describing a private Oval Office conversation between Trump and Republican lawmakers on Tuesday evening.
The revelation comes just hours after Senate Republicans blocked a vote on a cryptocurrency bill backed by the Trump administration—a legislative defeat that reportedly irritated the president. While no formal announcement has been made, The New York Times reported that Trump had drafted a termination letter and circulated it among those present at the meeting.
Those in Trump’s orbit appear convinced. Florida Rep. Anna Paulina Luna posted on the social media platform Twitter, “Jerome Powell is going to be fired. Firing is imminent.”
Jerome Powell is going to be fired. Firing is imminent.
— Rep. Anna Paulina Luna (@RepLuna) July 16, 2025
Trump’s frustration with Powell has escalated in recent weeks. The president has continued to pressure the central bank to slash interest rates, and White House officials have reportedly grown critical of an expensive renovation project underway at the Fed’s headquarters in Washington—an issue Trump has privately cited as evidence of Powell’s mismanagement.
Yet legal obstacles may block Trump’s move. A recent Supreme Court decision reaffirmed that the president lacks unilateral authority to remove officials at independent agencies like the Federal Reserve without cause. Powell himself has stated that his dismissal is “not permitted under the law.”
Nominated by Trump in 2018 to succeed Janet Yellen, Powell was confirmed by the Senate the following year and has served throughout a tumultuous period in global economic policy. No president has ever attempted to fire a sitting Fed chair—a precedent that now appears in jeopardy.
