OAN Staff Abril Elfi
12:59 PM – Wednesday, July 23, 2025
Treasury Secretary Scott Bessent recently maintained that President Donald Trump has no intention of firing Federal Reserve Chair Jerome Powell—in light of previous statements made by Trump where he suggested that he wishes the fed chair would resign.
During an appearance on MSNBC’s Morning Joe on Tuesday, Bessent was asked whether the Republican president would allow Powell to complete his term, thereby “providing stability to the markets.” His remarks followed earlier reports from mainstream media sources suggesting that Trump might attempt to remove the head of the central bank.
“I’m not sure where that question comes from, because President Trump has repeatedly said he’s not going to fire Chair Powell,” Bessent said. “He might like for him to resign, but he’s not going to fire him. He’s said that on numerous occasions. I think he may have even said it again yesterday.”
In a May 2025 Supreme Court ruling, the High Court had already emphasized that the Fed is uniquely protected. They also implied that presidential removal powers affirmed in other cases don’t apply to the Fed Chair.
“I think he’s doing a bad job, but he’s going to be out soon anyway. In eight months, he’ll be out,” Trump said.
Bessent also remarked that being “pressured” is an inherent aspect of the Federal Reserve Chair’s responsibilities, in response to questions regarding the ongoing campaign to push the Fed to lower interest rates.
“I think anyone who goes into public service should expect pressure. I get pressure from the president, from the Congress, from constituents,” Bessent said.
The news comes following a recent report by CBS News. The outlet reported that during a private Oval Office meeting last Tuesday with a group of House Republicans, President Trump floated the idea of firing Powell, asking lawmakers directly, “What do you think?” and was told “almost every one of them said I should.”
“I talked to them about the concept of firing him. I said, ‘What do you think?’ Almost all of them said I should. But I’m more conservative than they are,” Trump said — according to CBS News.
Nonetheless, within 24 hours, Trump told reporters that he was “highly unlikely” to remove Powell unless there was evidence of fraud.
Meanwhile, Russ Vought, the Director of the Office of Management and Budget, sent a letter to Powell last week — accusing him of overseeing an “ostentatious” multiyear office renovation project that may be “violating the law.” In Senate testimony last month, Powell pushed back on the characterization, describing certain portrayals of the renovation effort as “misleading and inaccurate.”
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