US President Donald Trump has urged Jerome Powell, head of the US central bank, the Federal Reserve, to resign immediately.  MHM NEWS - video Dailymotion

MHM NEWS

US President Donald Trump has urged Jerome Powell, head of the US central bank, the Federal Reserve, to resign immediately.

Transcript

00:00Unfortunately, we have interest rates that are still too high, so the President sent

00:11this note to the Fed Chair today.

00:13And if you look at this chart, this is a chart of all of the interest rates of many countries

00:18throughout the world.

00:20At the top is Switzerland, they're only paying a quarter for interest rates.

00:24Cambodia, Japan, Sweden, Morocco, Cabo Verde, South Korea, Algeria, Canada, Albania, India,

00:32Bolivia, Australia, Costa Rica, the Bahamas, Kuwait, Papi, are all paying lower interest

00:38rates than the United States of America, which has one of the hottest and strongest economies

00:44in the world.

00:45The President sent this note to the Fed Chair that says, Jerome, you are, as usual, too late.

00:50You have cost the USA a fortune and continue to do so.

00:54You should lower the rate by a lot.

00:56Hundreds of billions of dollars are being lost and there is no inflation.

01:00And the President is right.

01:02There is historically low.

01:05Trump asks Federal Reserve Chief to resign now U.S. President Donald Trump has urged Jerome

01:11Powell, head of the U.S. Central Bank, the Federal Reserve, to resign immediately.

01:16Dear viewers, if you like this news, please like it and share your comments in the comment

01:20box.

01:21In a post on his social media platform Truth Social, Trump wrote, it's too late, he should

01:26resign immediately.

01:29Trump also attached a link to a news report in the post.

01:32The report cited a U.S. housing sector regulator calling for an investigation into Powell's

01:37testimony regarding the renovation of the Federal Reserve's headquarters in Washington.

01:43Powell became the head of the Federal Reserve under Trump's tenure.

01:46Trump appointed Powell during his first term as President.

01:50Since then, Trump has repeatedly criticized Powell for not lowering interest rates.

01:55However, it is unclear whether the President has the power to remove Powell.

02:00Earlier this year, Trump said he had no intention of firing Powell.

02:04But even after stating he had no intention of firing him, he did not stop criticizing Powell.

02:10Trump wants the Federal Reserve to lower interest rates to boost economic growth.

02:16On the other hand, Jerome Powell said last Tuesday that the central bank would have lowered interest

02:21rates earlier if it weren't for the impact of Trump's tariff policies.

02:26Powell attended a meeting of central bank governors in Portugal.

02:29There he was asked if interest rates would have been lower this year if the U.S. government

02:33had not announced plans to increase tariffs on various countries.

02:38Powell replied, I think so.

02:40After Trump's post calling for Powell's resignation, the BBC contacted Federal Reserve authorities for

02:46comment on the matter.

02:47But they declined to comment.

02:50Earlier this year, before Trump's return to the White House, Powell said that even if

02:54the President asked him to resign, he would not, and that the President does not have the

02:58power to remove him under the law.

03:01A landmark ruling by the U.S. Supreme Court in 1935 stated that board members of independent

03:06agencies like the Federal Reserve can only be removed before their fixed term ends for

03:11specific costs.

03:13Although Trump often challenges traditional political norms, he has also fired several

03:18independent regulators, which have been challenged in court.

03:23Yesterday, Wednesday, Bill Pulte, director of the Federal Housing Finance Agency, called for

03:29an investigation into Federal Reserve Chief Powell.

03:32Pulte has strongly criticized Powell before.

03:34In a post on the social media platform X, Pulte wrote, I call on Congress to investigate

03:40Chairman Jerome Powell, his political bias, and his misleading testimony to the Senate.

03:46These reasons are sufficient for his removal.

03:48Last week, Powell told the Senate that reports published about the expenses and luxury amenities

03:54at the Federal Reserve's headquarters.

US President Donald Trump has urged Jerome Powell, head of the US central bank, the Federal Reserve, to resign immediately. MHM NEWS

Category

Transcript

Recommended