Trump urges US central bank head to resign

Donald Trump, president of the United States, has demanded that Federal Reserve Chairman Jerome Powell resign immediately, intensifying his attacks on him.

“When he's late, he'll have to resign immediately!

It also included a link to a news article about a federal US housing regulator, who demanded that Powell be investigated for his statements concerning the renovations of the Federal Reserve headquarters in Washington.

Trump named Powell as the head of the Federal Reserve during his first term. Since then, he has repeatedly criticised Powell for not lowering interest rates, but it is not clear whether the president has the authority to dismiss him. Although Trump has continued to criticise Powell, he said earlier this year that there was no “any intention to dismiss it”.

Trump wants the Federal Reserve to lower interest rates to help economic growth, reports the BBC, broadcast Periscope.

Powell said Tuesday that the Federal Reserve would have lowered rates already, if it were not for the impact of Trump tariff policies on other states.

When asked during a meeting of central bankers in Portugal if US rates had been lowered again this year, if the administration had announced a plan to significantly raise tariffs to other states, Powell replied, “I think so.”

The US Federal Reserve did not comment on Trump's statements when it was contributed to by the BBC.

Before the return of the governing Trump earlier this year, Powell said he would not resign if the president asked him for it and that this “is not allowed under law” for the White House to remove it.

Members of the board of independent federal agencies such as the Federal Reserve can leave only before their “mandates are completed for solid reasons”, according to a key decision by the US Supreme Court in 1935.

However, Trump has often challenged political norms, including the dismissal of some independent regulators, actions that have been contested in court. /Periscopi/