Fact Check: Did Jerome Powell Resign As Fed Chair?

Reports of Jerome Powell stepping down from his role as Fed Chair have reached a fever pitch after a resignation letter emerged on the internet. While the letter appears legitimate, a closer look reveals that it is fake as calls for Powell’s resignation grow louder.

Letter Of Jerome Powell’s Resignation Turns Out Fake

Amid the calls for Jerome Powell to vacate his role as Fed Chair, a resignation letter is circulating on the internet among cryptocurrency circles. The letter, addressed to US President Donald Trump, had all the trappings of legitimacy and included the signature of Fed Chair Jerome Powell.

US Senator Mike Lee posted the letter in an X post with the caption “Powell out” before deleting the post within minutes. While the letter has gained viral status within minutes, a close review reveals that the resignation did not originate from Jerome Powell.

Sen. Mike Lee tweeted (and appears to have deleted) what he appears to believe is a resignation letter (??) from Powell pic.twitter.com/w5ez4wjdFc

— Jordain Carney (@jordainc) July 22, 2025

For starters, the unusual placement of the stamp has raised eyebrows with official letters containing a seal placed at the top. Other giveaways include a raft of formatting issues and casual language that is inconsistent with Powell’s correspondences. Furthermore, the absence of official confirmation from the Federal Reserve pokes holes in the credibility of the letter.

Speculation of Powell’s imminent resignation reached a frenzy in the hours leading up to the Fed Chair speech today. Polymarket placed the odds for Powell’s removal as Fed Chair at a 21% chance amid the fake resignation letter fiasco, while Federal Housing Finance Agency Chairman William Pulte believes a resignation is imminent.

I believe Powell will be resigning soon, but today is not the day.

— Pulte (@pulte) July 22, 2025

The Fed Chair is facing increasing political pressure to step down, with Trump urging Powell to resign on multiple occasions. Already, Trump has begun shopping for Powell’s replacement, tightening the screws around the Fed Chair for failing to cut interest rates.

Powell’s term as Fed Chair ends in May 2026, but there is growing speculation that he may vacate the role before his tenure. Meanwhile, Powell has been criminally referred to the DOJ for lying under oath about the renovation of the Federal Reserve’s headquarters.