Unelected officials 'complicit' in costing taxpayers billions, Trump says

(The Center Square) – President Donald Trump said Thursday that Federal Reserve Chairman Jerome Powell is costing U.S. taxpayers by not lowering interest rates.

"'Too Late' Jerome Powell is costing our Country Hundreds of Billions of Dollars," Trump wrote in a social media post on Thursday. "He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit."

Trump's familiar criticism of the man he appointed to lead the U.S. central bank in 2017 came after the Federal Open Market Committee decided Wednesday to hold interest rates steady. Trump has been pushing Powell to lower rates.

"Europe has had 10 cuts, we have had none," Trump said. "We should be 2.5 Points lower, and save $BILLIONS on all of Biden's Short Term Debt. We have LOW inflation! TOO LATE's an American Disgrace!"

The Federal Open Markets Committee kept the central bank's federal funds rate at a target of 4.25% and 4.5%.

"For the time being, we're well positioned to wait to learn more about the likely course of the economy," Powell said on Wednesday.

Powell has publicly ignored the president's pressure campaign for months. Powell even issued a rare statement in May after meeting privately with the president at the White House at Trump's request.

"Chair Powell said that he and his colleagues on the FOMC will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis," the Fed said in a statement at the time.

The president has limited authority over the Federal Reserve, despite getting to nominate members.

The president nominates members to the seven-member Board of Governors of the Federal Reserve System. The Senate confirms nominees. Members serve 14-year terms with one term beginning every two years, on Feb. 1 of even-numbered years.

Trump nominated Powell as chair in 2017 and the U.S. Senate confirmed him in 2018. Former President Joe Biden reappointed Powell in 2022 to a second four-year term.

Trump has made no secret that he's looking forward to the end of Powell's term.

"Maybe I should go to the Fed," Trump said Wednesday at the White House. "Am I allowed to appointment myself at the Fed? I'd do a much better job than these people."