Story perspectives

Trump Contemplates Firing Fed Chair Amid Rate Debate

11/20/2025

Summary

Story summary

U.S. President Donald Trump expressed a desire to fire Federal Reserve Chair Jerome Powell during a speech in Washington, D.C.
He faulted Treasury Secretary Scott Bessent for not pushing Powell to lower rates quickly enough.
Trump said Bessent should keep Powell until his term ends in May 2026.
A White House official affirmed confidence in Bessent's leadership, while the Fed cut rates and officials debate future moves amid inflation concerns.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System in response to the Panic of 1907, which highlighted the need for a central banking authority to stabilize the economy. This act created twelve regional banks and aimed to prevent future financial panics. Recent tensions between President Trump and Federal Reserve Chair Jerome Powell reflect ongoing debates about the Fed's independence and its impact on economic stability.

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Story summary

U.S. President Donald Trump expressed a desire to fire Federal Reserve Chair Jerome Powell during a speech in Washington, D.C.
He faulted Treasury Secretary Scott Bessent for not pushing Powell to lower rates quickly enough.
Trump said Bessent should keep Powell until his term ends in May 2026.
A White House official affirmed confidence in Bessent's leadership, while the Fed cut rates and officials debate future moves amid inflation concerns.

1 / 2