President Donald Trump’s budget chief said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed.” Office of Management and Budget Director Russell Vought also suggested Powell had misled Congress about a pricey renovation of the central bank’s headquarters.

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

The president's ongoing effort to push Fed Chairman Jerome Powell out of his job are part of a dangerous effort to undermine the central bank's nonpartisan monetary policy processes.

Amid the Donald Trump administration's continued pressure on United States Federal Reserve Chair Jerome Powell to resign, a claim that Powell has already announced his resignation is going viral on social media.

“The board just sits there and watches, so they are equally to blame,” Trump said. The attack on the board ratchets up pressure on individual Fed officials, such as Governor Chris Waller, who have been mentioned as potential successors to Powell, whose term ends in May 2026.