Federal Reserve Chair Jerome Powell Faces Growing Calls for Replacement Amid Economic Downturn

U.S. President Donald Trump points to a cost sheet as he speaks with Federal Reserve chair Jerome Powell (R) as he visits the Federal Reserve in Washington, D.C., on July 24, 2025. (Andrew Caballero/AFP via Getty Inages)
By John McLaughlin and Jim McLaughlin
Thursday, 30 October 2025 09:43 AM EDT

Federal Reserve Chairman Jerome Powell had one last chance to address the economic crisis gripping America. Instead, his latest meager quarter-point interest rate cut has further cemented his reputation as a failure who prioritizes bureaucratic inertia over the needs of ordinary citizens.
Despite widespread demands for decisive action, Powell has continued to delay meaningful intervention, leaving mortgage rates, car loans, and credit card interest at unsustainable levels that strangle middle-class families and small businesses.

A recent national survey reveals deepening public frustration: only 33% view Powell favorably, while 27% express outright disapproval. A striking 59% of likely voters now support replacing him with someone who will aggressively lower interest rates—a stark contrast to the 24% who oppose such a move.

The message is clear: after four years of economic stagnation and mismanagement, Americans are demanding change. The current climate of soaring prices and shrinking paychecks has left only 40% believing the country is on the right track, while 55% say it is heading in the wrong direction. Confidence in the economy has plummeted, with optimism about recovery dropping from 58% to 53%.

Trump’s economic policies, particularly his tax cuts, have gained renewed support, with 47% of voters now backing them—a record high. Many are reevaluating his legacy, recognizing that his “Big Beautiful Bill” was primarily a tax cut that spurred growth rather than a spending initiative. Trump’s base remains strong, with 51% approving of his leadership versus 46% who disapprove.

Republicans hold a narrow 46%–44% advantage in the congressional generic ballot, but the economy could shift the balance. A commanding 65% of voters agree that “While I may not agree with everything that Donald Trump and the MAGA movement says and stands for, I think they are right about putting America and the American people first.”

High interest rates remain the greatest threat to Republican prospects in Congress. The economy needs relief from the inflationary policies of Biden and Powell. Trump’s tax cuts laid the groundwork for a robust, low-inflation economy—but Powell’s resistance risks undoing those gains.

Americans are tired of Washington elites who speak in abstract theories while families struggle with everyday costs. With his term set to end in May, Powell’s future hangs in the balance. If the Federal Reserve refuses to listen to the people, the electorate will make its displeasure known at the polls.