Trump ‘Surprised’ Someone Appointed Powell Fed Chair (It Was Him)

Trump nominates Jerome Powell as Fed chair on November 2, 2017. Photo: Drew Angerer/Getty Images

Donald Trump has been publicly berating Jerome Powell for months, making it quite clear that he would like to remove him as chair of the Federal Reserve. And while it’s unclear if Trump actually has the power to dismiss Powell, during a Tuesday night meeting, Trump showed off a draft of a letter firing him to roughly a dozen House Republicans, according to the New York Times.

During an unrelated Oval Office meeting on Wednesday, Trump denied that he’d drafted a letter firing Powell and claimed he had no imminent plans to do so. But, he admitted, “I talked about the concept of firing him,” and he was happy to bash Powell some more.

“He’s always been too late, hence his nickname ‘Too Late,’” the president explained. Trump said Powell should have cut interest rates many times in recent years, but “the only time he cut them was just before the election to try and help Kamala, or Biden, whoever the hell it was, because nobody really knew.”

The Fed did cut interest rates twice in the 50 days leading up to the 2024 election. But most people were aware that Trump was running against Kamala Harris at that point. And the last rate cut actually came weeks after Trump’s reelection, on December 18, 2024.

So Trump was off on some details. But his broader point is clear: He’s mad at Powell and whatever idiot hired him.

“He’s a terrible Fed chair. I was surprised he was appointed. I was surprised, frankly, that Biden put him in and extended him. But they did,” Trump said.

As it turns out, the dumb Fed chair decision is coming from inside the Trump White House. President Barack Obama nominated Powell to the Federal Reserve board of governors in 2012. President Trump elevated him to chairman in 2017, when Janet Yellen’s term expired. Then President Joe Biden nominated him for a second term.

2017 was a long time ago, and Trump nominates lots of people for a variety of different jobs. So maybe he just forgot signing some proclamation about Powell?

Not quite. The White House did put out a statement announcing Powell’s nomination. But Trump also introduced him with much fanfare during a Rose Garden ceremony, praising him extensively and referring to him by his actual nickname, “Jay.”

“He’s strong, he’s committed, he’s smart,” Trump said. “I am confident that with Jay as a wise steward of the Federal Reserve, it will have the leadership it needs in the years to come.”

While many were quick to point to this flub as further evidence of Trump’s senility, it’s hard to say why he says the things that he does. It’s possible he can’t remember major appointments he made in his first term, but the clip also has big “We’re all trying to find the guy who did this” energy.