Trump reveals draft letter firing Fed Chair Powell during crypto bill discussion: NYT

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President Trump revealed a termination letter addressed to Fed Chair Jerome Powell in a Tuesday night Oval Office meeting, the New York Times reported Wednesday, citing two people with knowledge of the matter.

Trump was said to have solicited opinions from House Republicans about firing Powell, whom he appointed Fed chair in 2017 during his first presidency. As reported, the meeting was originally scheduled to discuss concerns about crypto legislation, but Trump shifted focus to Powell.

“Jerome Powell is going to be fired. Firing is imminent,” Representative Anna Paulina Luna, Republican of Florida, wrote on X during the meeting.

Trump has publicly denied his firm intentions to remove Powell, despite numerous reports alleging he did so in response to the central bank’s reluctance to cut rates. The existence of a draft dismissal letter points to a more serious level of consideration.

In recent weeks, Trump’s criticism of Powell has intensified. He has called the Fed Chair a “major loser,” a “numbskull,” and a “stubborn mule,” while also slamming the central bank’s $2 billion headquarters renovation.

Presidents cannot remove Fed officials without cause, a protection reinforced by a Supreme Court ruling in May regarding Trump’s authority to remove certain independent agency officials. No president in modern history has attempted to fire a Fed chair.

Powell’s term as chair ends in May, though he can remain on the Board of Governors until 2028.

Briefly after the news surfaced, Trump told reporters that he had no plans to remove Powell and said such a move was highly unlikely unless Powell was forced to leave due to fraud.

[July 16, 12:19 PM]: This article has been updated to include President Trump’s latest comments on Jerome Powell following reports of a potential dismissal.

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