Trump reignites criticism of 'stupid man' Powell, says people are stopping him from firing Fed Chair

President Donald Trump on Tuesday appeared to reignite his criticism of Federal Reserve Chairman Jerome Powell, declaring the chairman was a "stupid man" and that other people were stopping him from firing him.

Trump has long stated that he would fire Powell if he could, but courts and experts have warned that he cannot do so without sufficient cause, which typically refers to severe misconduct or negligence, not policy disagreements and personal opinions.

The president repeated the notion that he would get rid of the chairman immediately if it was possible, but Powell's term is not expected to end until May 2026. Powell has so far rejected calls to resign on his own accord.

“I’d love to get the guy currently in there out right now, but people are holding me back,” Trump told reporters at the White House. “He has done terrible things ... He’s a fool. He’s a stupid man."

The comment comes after reporters asked Trump if he had selected a replacement for Powell when he leaves next year. Trump said that he believes he already knows who he wants to replace Powell next year, but that his first choice is Treasury Secretary Scott Bessent, who confirmed he still prefers Treasury instead. 

The president is expected to announce his nominee to succeed Powell by the end of the year, and five people are on the shortlist for the position. 

The top contenders include Fed Vice Chair for Supervision Michelle Bowman, Fed board member Christopher Waller, former Fed board member Kevin Warsh, White House National Economic Council Director Kevin Hassett and BlackRock Fixed Income chief investment officer Rick Rieder, according to The Hill. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.