Jerome Powell Must Go – and It’s Time Congress Dismantles the Fed Once and for All

Congress Should Demand Jerome Powell's Resignation – and Much More

Last week, Federal Reserve Chairman Jerome Powell faced two simple questions at a press conference. When asked if he would step down if former President Trump requested it, Powell, with a straight face, flatly refused. Next, when asked if it was legal for Trump to demote him, Powell doubled down, stating it’s “not permitted under the law.”

But here’s the rub: Why does Powell, a banker’s banker if ever there was one, wield the kind of power and immunity that’s supposed to be reserved for public servants serving the people, not pampered technocrats serving Wall Street? It’s Congress’s job to yank Powell off his pedestal, but they need to go further—much further. Congress should exercise its right to reform or even abolish the Federal Reserve, reminding the so-called “independent” Fed who holds the reins in this country.

Congress Holds the Power – They Just Don’t Use It

There’s no ambiguity here: Congress has the authority to dismantle the Fed, remove Powell, and write new laws to rein in this runaway entity. The Federal Reserve Act can be amended, clarified, or scrapped entirely. The Fed chairman should be no different from any other bureaucrat and certainly not an “untouchable.”

First step? Change the law so Congress can remove the Fed chairman with a simple majority vote.

The Fed’s unchecked power has let it become a tool for Wall Street and its allies to control interest rates, inflate assets, and make sure America’s wealthiest stay that way—at the public’s expense. We need only look at the Fed’s never-ending binge of buying mortgage-backed securities, or worse, government debt, which amounts to a backdoor bailout for the Treasury.

Unleashing the Fed on Asset Markets is a Recipe for Corruption

One crucial reform: Congress should forbid the Fed from buying any assets. None of it—the mortgage-backed securities, Treasury securities, nothing. Right now, the Fed’s cozy relationship with the Treasury enables it to pour money into Wall Street’s coffers whenever it sees fit, manipulating rates, inflating assets, and controlling markets. The Fed’s so-called “open market operations” let it play puppeteer with our economy in ways no unelected official should have the power to do.

The Fed’s “Dual Mandate” is Just an Excuse for Endless Inflation

Then there’s the Fed’s infamous “dual mandate”—this idea that it’s responsible for “stable prices” and “maximum employment.” In practice, all this mandate has done is let the Fed print money to oblivion under the guise of promoting employment, while inflation silently drains Americans’ purchasing power. Let’s get real: the only employment the Fed’s interested in maximizing is the employment of top banking executives.

Congress should scrap the employment mandate entirely. The Fed’s real business isn’t helping Main Street; it’s keeping Wall Street fat and happy. And while we’re at it, Congress should kill off the Fed’s power to set long-term interest rates too.

Fed Independence is a Sham and Always Has Been

Here’s the dirty truth: Fed independence is one of the biggest lies in American economic history. There’s never been any true “independence.” The Fed has been doing the bidding of the federal government and the big banks since the day it was born. Back in 1933, FDR forced the Fed to hand over its gold, ending the gold standard and giving Washington an open line to inflate at will. And during World War II, the Fed pegged interest rates and even went along with price controls to support the government’s needs. Independence? Hardly.

The so-called autonomy the Fed claims to have today is nothing more than a license to create inflation and help fund government debt when politically convenient. The Fed has never used its so-called independence to rein in government spending. In reality, it’s a handmaiden to the Treasury and a gatekeeper for the banking elite. The facade of “independence” only serves to insulate the Fed from public accountability while it quietly props up the billionaire class.

Protecting the Bankers, Not the People

Who truly benefits from Fed “independence”? Not the average American. It’s the banker class, the Wall Street elites, and the Fed’s own network of former and future executives. Powell and his predecessors want to stay above the fray—not because they’re serving some high-minded principle but because they’re loyal to a different master: the banking cartel that controls America’s financial system.

The Fed's independence makes it easier to funnel trillions into the banking sector, buy off Congress with easy credit, and manipulate inflation to the advantage of the elite class while the rest of us pick up the tab. Powell’s stubbornness isn’t some noble stance. It’s self-preservation for a man embedded in a system designed to keep him and his cronies on top.

Congress: Don’t Just Fire Powell – Take Down the Fed

Firing Powell is a good start, but if Congress truly wanted to serve the people, they’d end the Fed’s reign entirely. For too long, the Fed has been a sanctuary for Wall Street insiders and political operators hiding behind the facade of public service. This isn’t democracy—it’s economic servitude. The time has come for Congress to step up, take back control, and return the power of money to the people.

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