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 a board member even after his term as Fed chairman expires is disparaged.

U.S. President Donald Trump made venomous remarks on the 29th (local time) against Federal Reserve (Fed) Chairman Jerome Powell, who announced his intention to remain a board member even after his term as chairman expires.

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

This was a disparagement of Chairman Powell's statement at his last press conference as chairman that "I will continue to serve as a board member for a certain period even after my term as chairman ends on May 15," implying that he couldn't find another position.

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

Regarding the U.S. Department of Justice's investigation into allegations of excessive spending on the renovation of the Fed building surrounding him, Chairman 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 stance."

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

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