Washington Post editorial board slams Trump's 'pointless standoff' with Powell

The Washington Post’s editorial board rebuked President Trump’s threats to fire Federal Reserve Chair Jerome Powell, calling the feud a “pointless standoff that the president will lose.”

“The question is how much he spooks markets and damages his own political standing before this is over,” the board wrote in an opinion published Wednesday. 

Trump has repeatedly criticized the Fed leader for refusing to comply with his demands to lower interest rates amid spiking energy prices resulting from his war with Iran. The president appointed Powell to oversee the central bank during his first term in the Oval Office. 

The Justice Department has also launched a criminal investigation into the Fed chair regarding allegations of financial mismanagement for a $2.5 billion renovation project at the bank’s headquarters. A federal judge dismissed the federal government’s grand jury subpoenas for the Fed and Powell last month.

Prosecutors from the U.S. attorney’s office for the District of Columbia made a surprise visit to the Fed building Tuesday and attempted to tour the construction site. 

Trump has nominated Kevin Warsh, a former Fed board member, to replace Powell at the conclusion of his four-year term on May 15. A confirmation hearing on Warsh’s nomination is scheduled next week in the Senate. 

Sen. Thom Tillis (R-N.C.) has said that he will oppose any new nominee for the role until the Trump administration drops its case against Powell or reveals credible evidence of criminal wrongdoing or financial mismanagement during his time helming the central bank. 

On Wednesday, Senate Majority Leader John Thune (R-S.D.) called on the Trump administration to “wrap up” its investigation into Powell. 

“I think it’s in everybody’s best interest to wrap up the investigation,” Thune said. “I’ve said that before, it would be better if it winds down.”

While Powell’s term leading the central bank expires next month, he was also appointed to a 12-year appointment on the Fed’s board of governors, which extends through early 2028. 

Trump told Fox News on Wednesday that if Powell does not resign from the board entirely, “then I’ll have to fire him.”

“I’ve held back on firing him,” the president told the outlet. “I’ve wanted to fire him, but I hate to be controversial. I want to be uncontroversial.”