Donald Trump proposed a wild theory about why Federal Reserve Chairman Jerome Powell chose to stay on as a governor.
Trump, 79, posted on Truth Social about Powell after the 73-year-old confirmed that he would remain a governor on the central bank’s board after his term as chairman expires on May 15.
Powell’s announcement surely irked Trump, who has continually called for his exit, citing his refusal to lower interest rates, which Powell did again on Wednesday. But now Powell is set to be on the board until January 2028, denying Trump a vacancy to fill.
“Jerome ‘Too Late’ Powell wants to stay at the Fed because he can’t get a job anywhere else — Nobody wants him," Trump claimed.
Powell, 73, has been chairman of the Federal Reserve since 2018, after Trump nominated him to replace Janet Yellen. He has been on the Board of Governors since 2012, having been nominated by Barack Obama. An attorney and registered Republican, Powell previously worked in the Treasury Department during the George H. W. Bush administration.
On Wednesday, Powell explained that his decision to remain on the board—an untraditional move for a chairman—was due to the Trump administration’s legal attacks on the Federal Reserve Bank.
“I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public, which is the ability to conduct monetary policy without taking into consideration political factors,” Powell said at a news conference. “I plan to keep a low profile as a governor.”
The Justice Department said last Friday that it would drop its investigation into renovations of the Federal Reserve building in downtown Washington, as well as Powell’s testimony about it. A federal judge had previously thrown out DOJ subpoenas related to the probe for lack of merit.
Powell had said weeks ago, according to the New York Times, that he would leave the board of governors once that investigation was “well and truly over, with transparency and finality.”
But Powell said on Wednesday that he wasn’t convinced that this was the end of it.
“I’m waiting for that,” he said, the Times reported. “And I will leave when I think it’s appropriate to do so.”
U.S. Attorney Jeanine Pirro, a top Trump ally, has said she would “not hesitate” to resume the investigation after hearing back from the Federal Reserve’s internal watchdog.
In the meantime, the Justice Department has tried to push out board governor Lisa Cook, citing allegations of mortgage fraud, which she disputes. Governors can only be removed by the president for “cause.” Cook has sued Trump, and the Supreme Court has yet to decide the matter.
The Federal Reserve Board did not immediately respond to a request for comment from the Daily Beast.
Trump has frequently called the fed chair “Jerome ‘Too Late’ Powell,” on his Truth Social account. In March, he labeled Powell a “moron” who is “hurting our Country, and its National Security” by refusing to cut interest rates.
Other insults have included calling Powell a “numbskull,” a “major loser,” “very dumb,” “incompetent” and a “stubborn moron,” all while calling for him to lose his job.
The pair had an awkward exchange last July when Powell called out Trump’s claims about the cost of the Federal Reserve renovations to his face.
“It looks like it’s about $3.1 billion, it went up a little bit or a lot,” Trump claimed. “So the $2.7 [billion] is now $3.1.”
As the president spoke, Powell shook his head to show he disagreed with the president’s remarks.
“I’m not aware of that, Mr. President,” Powell said.
Powell examined Trump’s paperwork and realized the president was adding in the renovation of the Martin building, which opened in 2021.
