The Brief President Trump continued his verbal attacks against Fed Chair Jerome Powell Friday. He wants the board of governors to strip Powell of his power because Powell refuses to lower interest rates despite Trump’s demands. President Donald Trump on Friday called for the Federal Reserve’s board of governors to strip Fed Chair Jerome Powell of his power. President Donald Trump delivers remarks alongside Sen. Tim Scott (R-SC) (L) and Federal Reserve Chair Jerome Powell, as they tour the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC. The Supreme Court recently signaled that Trump can’t fire Powell simply because the president disagrees with him on interest rates.