House Speaker Mike Johnson, R-La., said Wednesday that he's "really not sure" if President Donald Trump has the authority to fire Federal Reserve Chair Jerome Powell.
"I have been not happy with the leadership there personally, but I'm honestly not sure whether that executive authority exists," Johnson told CBS News political correspondent Caitlin Huey-Burns.
"I believe new leadership would be helpful at the Fed, and I believe rates need to be adjusted," he added.
On Wednesday, Trump denied reports that he is planning to fire Powell soon, telling reporters in the Oval Office that he's not looking to make an imminent change, as Bloomberg reported earlier that day.
"We're not planning on doing anything," Trump said. "No, I'm not talking about that. Fortunately, we get to make a change in the next eight months."
The president also denied reports that had made the case for Powell's termination in a letter, saying he had "talked about the concept of firing" Powell with GOP lawmakers, whom he said nodded in agreement that he should.
Angered by the Fed's monetary policy in recent months, Trump has repeatedly bashed Powell over his refusal to cut interest rates. Officials at the central bank have said they are hesitant to cut rates until the economic effects of the president's tariffs on U.S. trading partners become more apparent.
Trump has called on Powell to resign, but it is unclear if the president has the authority to fire him and, if so, under what conditions.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.