A new book written by former Commerce Secretary Wilbur Ross claims that former President Donald Trump was hellbent on axing Federal Reserve Chairman Jerome Powell unless he cut interest rates.
As Forbes reports, Ross writes that Trump summoned him to a meeting where he demanded that Ross set Powell straight about his policy of raising interest rates, which Trump believed was hurting the economy and his political successes.
"Please call this idiot and explain to him that I will repudiate his nomination, even though he has been confirmed," Trump said, according to Ross.
ALSO READ: 'I told the truth': Ex-Trump aide Grisham defends from MAGA attacks after revealing text
Ross pushed back on Trump and said that he shouldn't be putting public pressure on the Federal Reserve, which is supposed to remain immune from political pressure.
Nonetheless, Ross agreed to talk with Powell and to try to convince him to reverse course on rate hikes.
Powell, however, was resistant to having a meeting.
“No—anything I say to you will just go back to Trump,” Powell told Ross, according to the book. “I have no obligation to debate with you and I am not going to do so."
Nonetheless, Powell did start pivoting away from rate hikes in the coming weeks and Wilbur wondered if efforts to pressure him were successful.
"Although the Ross conversation does not appear to have been previously reported, Trump did not hide his anger toward Powell," notes Forbes. "Throughout 2018 and 2019, the president mounted a very public pressure campaign against the Fed, urging the agency to 'Take the Victory' of a strong economy and blasting Powell as 'clueless.' Even after the Fed did, in fact, begin lowering rates in August 2019, Trump’s complaining didn’t stop."
