GOP Senator Pressures Fed Chair Powell To Resign, Citing $400B Deficit And High Rates

Senator Bernie Moreno is expanding his campaign to pressure Federal Reserve Chair Jerome Powell to resign, according to Axios. During a closed-door GOP lunch Wednesday, the Republican from Ohio argued that Powell’s refusal to cut rates is increasing the national deficit by $400 billion annually. Morno cited high interest rates and claims that Powell has misread inflation and hindered Trump’s economic agenda. Moreno, who sits on the Senate Banking Committee, wants to lay the groundwork for confirming Trump’s future nominee, as Powell’s term ends in May 2026. Moreno’s letter to Powell accused him of undermining economic recovery and called for his immediate resignation. Critics also point to the Fed’s $2.5 billion renovation budget, while Trump and his allies claim Powell moved faster on rate cuts under Biden.