Hamadeh Calls for Fed Chair Powell's Resignation

Representative Abe Hamadeh (R-AZ) let his disapproval of Federal Reserve Chair Jerome Powell be known in a recent statement calling for his resignation, saying it "does not come lightly nor without good cause."

In his press release containing his statement, Rep. Hamadeh cited Powell's supposed "gross mismanagement" of renovating the Fed's headquarters with the initial $2.5 billion budget (which Rep. Hamadeh called "ostentatious), adding another $700 million, slowness in lowering interest rates, lack of candor, and failure to analyze the economic effects of President Donald Trump's tariffs on various nations.

"Considering the recent revelations by Office of Management and Budget Director Russell Vought about Chairman Powell's gross mismanagement of the Federal Reserve's headquarters renovation project and his apparent lack of candor before the Senate Banking Committee, neither does my call come too soon," the Arizona Congressman continued, adding, "Aside from the burden you [Powell] have placed on taxpayers, who must foot the bill for your frivolous fabrications, you have failed to properly assess the impact of President Donald Trump's tariff policy."

Hamadeh further noted that White House economic adviser Kevin Hassett recently stated Trump must find cause to fire Powell, but "It shouldn't have to come to that. Chairman Powell needs to accept the fact that his political game-playing has led to harmful failures and step down for the good of the country."

In February, Senator Ruben Gallego (D-AZ) questioned Powell about the potential economic effects of Trump's tariffs, only for Powell to reply, "We do not do tariff policy, and we do not do commentary on tariff policy."

Hamadeh is not the only Republican to call for Powell's resignation, however, as Senator Rick Scott (R-FL) previously did so in December 2023, similarly citing Powell's "grossly mismanaged U.S. monetary policy."

"Jay Powell should make just one announcement at tomorrow's press conference: that he will immediately resign in disgrace," Sen. Scott declared in a letter.