Trump isn’t backing down and the GOP agrees with him.
President Donald Trump may soon have the power to fire Federal Reserve Chair Jerome Powell — and a top Republican is making sure the path is clear.
For years, Trump has blasted Powell for failing to lower interest rates fast enough, warning that his “too little, too late” approach is strangling America’s economic growth. While the president agreed to let Powell’s term run until next May, new legislation could cut it short — giving Trump the chance to install a pro-growth, America First Fed chair who puts Main Street ahead of Wall Street.
Right now, the Federal Reserve Act of 1913 makes it nearly impossible to fire a Fed chair without proven misconduct. But Rep. Buddy Carter, R-Ga., says that’s unacceptable when slow, outdated monetary policy is hurting seniors, small businesses, and working families.
“Powell needs to go,” Carter told Fox News Digital. “The president should have the unquestioned authority to make that decision. He’s been far too slow to cut rates, and Americans are paying the price every day.”
Carter’s bill — the Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness Act (nicknamed the TOO LATE Act) — would give Trump far more power to act. Under the proposal, if the Fed’s target interest rate strays by more than 200 basis points from key economic benchmarks for two consecutive quarters, the president could remove the chair with a written explanation to Congress.
Those benchmarks include:
- Inflation measures like the personal consumption expenditures price index
- The gap between 5-year Treasury bonds and inflation-protected securities
- Unemployment projections from the Fed versus the Congressional Budget Office
Once submitted, Trump’s removal letter would be reviewed within 30 days by the House Financial Services Committee and the Senate Banking Committee.
Carter says the bill would “restore proper oversight of the Federal Reserve” and give Trump “another tool to keep interest rates low, grow jobs, protect retirement savings, and strengthen the U.S. economy.”
If passed, the measure would be one of the biggest checks on the Federal Reserve’s power in over 100 years — and could set the stage for a Trump-appointed Fed chair fully aligned with his mission to rebuild America’s economy, protect the dollar, and put the American people first.
