Rep. French Hill on Trump’s Authority Over Fed Chairman

Rep. French Hill (R-Ark.), who chairs the House Financial Services Committee, expressed skepticism on Thursday regarding President Trump’s ability to dismiss Federal Reserve Chairman Jerome Powell.

During a press conference, Hill was asked if there’s a chance Trump could fire Powell before his term ends in 2026.

“I don’t think he can fire Jay Powell. It’s not going to happen,” Hill replied.

He mentioned that Powell’s term as chairman concludes next spring, while Trump’s term ends earlier in the winter and has the potential to appoint a new governor.

Trump has been vocal in his criticism of Powell for not lowering interest rates and hinted at plans to remove him during a recent White House meeting. However, he seemed to walk back some of those comments on Wednesday.

“I won’t rule out anything, but I think it’s very unlikely. As long as he has to leave, it’s a scam,” Trump stated to the media.

Other officials have also criticized Powell, who is set to remain in his position until 2028. Opinions within the GOP are divided on whether Trump should dismiss Powell. For example, Rep. Anna Paulina Luna (R-FLA.) supports the idea, while Rep. Byron Donald (R-FLA.) said, “we’re not there yet.”

Donald noted, “It’s clear the president is frustrated about where the short-term interest rates are,” in an interview during the National Summit.

Some Republicans in the Senate cautioned that firing Powell could disrupt financial markets. “I don’t think the president has the authority to fire the Federal Reserve Chairman,” Senator John Kennedy (R-La.) remarked on Wednesday.

He emphasized the importance of the Federal Reserve’s independence, contrasting it with some countries that have less autonomy. “Look at Turkey; at one point they experienced 30% inflation,” Kennedy added.