The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.

President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.

Major construction work continues at the U.S. Federal Reserve building as U.S. President Donald Trump voices complaints about Fed Chair Jerome Powell, in Washington, D.C., U.S., July 14, 2025. REUTERS/Jonathan Ernst/File Photo (Reuters) -The spiraling cost of the Federal Reserve's years-long renovation of two historic buildings in Washington,