U.S President Donald Trump reacts on the day he signs the HALT Fentanyl Act, in the East Room at the White House in Washington, D.C., U.S., July 16, 2025. REUTERS/Umit Bektas
President Donald Trump is having a hard time ginning up congressional support for his desire to fire Federal Reserve Chair Jerome Powell, according to Semafor.
During a question-and-answer session with reporters on Wednesday, Trump said he polled House Republicans the night before on whether he should get rid of Powell.
Semafor's Shelby Talcott posted confirmation that "Lawmakers indicated they’d approve of firing him, and the president indicated he likely will soon." As he's made clear time and again, Trump is upset with Powell for failing to lower interest rates. But Trump needs a good reason to let him go.
He backpedaled on his threat during an Oval Office meeting Wednesday, refusing to commit to firing Powell, before dropping the punchline: "unless he has to leave for fraud."
To make that case, Trump is eyeing the Fed's headquarters renovation, said to be costing $2.5 billion. According to Semafor, Trump "would likely have to fire Powell for cause; his frustration with the bank’s inaction on interest rate cuts would not qualify....There’s just one problem: Republicans are divided about whether the costly renovation is a valid reason for dismissing Powell."
One House Republican told Semafor that "wielding" the renovations "as a basis to fire Powell could compromise the central bank’s independence," while a senior Republican congressional aide described the situation as “beyond f-----."
”It’s not 'as if [Powell] is handling the renovation,' plus 'the building’s foundation is a mess. They had to lift up the building, replace the foundation, then renovate it,'" the aide said.
Another aide told the publication, "Seems like they just want to find any reason” to fire Powell.
Sen. John Kennedy (R-LA) reiterated the position that "the president doesn’t have the authority to fire Powell."
“If they litigate it they’ll lose,” Kennedy told Semafor. “His lawyers, if they’re doing their job, are telling him that he’ll likely lose. And the independence of the Federal Reserve is important.”