In President Donald Trump's latest tirade against Federal Reserve Chair Jerome Powell, Trump blamed former President Joe Biden for appointing him — despite Trump himself nominating Powell to lead the central bank back in 2017.
"He's a terrible Fed chair," Trump said on Wednesday. "I was surprised he was appointed— surprised frankly that Biden put him in and extended him."
Trump may be even more surprised to hear he was the president who appointed Powell in 2017.
@nbcnews President Trump says he was "surprised" that President Biden appointed Jerome Powell to lead the Federal Reserve — but it was actually Trump who initially appointed Powell as Fed chair during Trump's first term.
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President Biden did extend Powell's appointment, nominating him for a second term in 2022, which the Senate confirmed.
Trump critiqued Powell's performance from the Oval Office on Wednesday, nicknaming him "Too Late," for allegedly delaying cuts to interest rates. He also suggested that rate cuts Powell made before the 2024 election were designed to help Kamala Harris or Biden, even though Trump himself ultimately won reelection.
The president has repeatedly railed against Powell's refusal to lower federal interest rates and openly discussed firing Powell. A Bloomberg report published early Wednesday stated Trump's intention to do so, sparking a drop in stocks. Later in the day, Reuters reported that Trump confirmed he was considering the idea, but had decided against it. The president said he raised the topic with Republican lawmakers Tuesday night.
"I don't rule out anything, but I think it's highly unlikely," Trump said. "Unless he has to leave for fraud."
The White House has recently criticized cost overruns in the Fed's headquarters renovation, but no evidence of fraud has been made public.
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