Politics

‘Am I Allowed to Appoint Myself?’: Trump Floats Taking Over the Fed

By Jake Beardslee · June 19, 2025

President Donald Trump suggested Wednesday that he might appoint himself head of the Federal Reserve, expressing continued frustration over the central bank’s decision to hold interest rates steady.

“We have a stupid person, frankly, at the Fed,” Trump said of current Fed Chair Jerome Powell while speaking to reporters outside the White House. “I call him ‘Too Late’ Powell, because he’s always too late.”

The comments follow months of pressure from Trump for the Fed to slash interest rates to boost the economy, which has been rattled by his administration’s aggressive trade policies.

During his remarks, Trump turned to Interior Secretary Doug Burgum and floated a new idea: “Maybe I should go to the Fed. Am I allowed to appoint myself, Doug? I don’t know.” He repeated the suggestion, asserting, “I’d do a much better job than these people.”

The Federal Reserve on Wednesday announced that it would keep interest rates at 4.3 percent, where they have remained since January. The decision frustrates Trump, who has been pushing for rate cuts ahead of the 2026 election and in the midst of economic uncertainty tied to his trade tariffs.

Earlier this year, Trump alarmed financial markets when he publicly called for Powell’s removal. Although Powell was appointed by Trump in 2017, the Supreme Court later clarified that the president does not have the authority to fire the Fed chair before his term expires.

In a press conference Wednesday, Powell reiterated concerns about the administration’s tariff policy, stating that tariffs are “likely to push up prices and weigh on economic activity.” The Fed projects inflation to rise from 2.1 to 3 percent by the end of the year but is still forecasting two potential rate cuts in the coming months. Powell added that the U.S. economy continues to grow at “a solid pace.”