White House National Economic Council director Hassett criticized former Fed
chair Powell for remaining on the Federal Reserve, saying Jay Powell not
stepping down is "extremely unusual" and that his staying blocks the
administration from nominating new Fed governors. Hassett also said most Fed
voters "did not vote out of patriotism but because they wanted to remove Trump."
Powell, whose board term runs to January 2028, said he will remain for now. He
has said an investigation into a Fed building project appears politically
motivated and in April said he would leave "when I think appropriate." The Fed
board currently has only one member nominated during Trump's re‑election: new
chair Kevin Warsh.
