Trump threatens to fire Fed chair Powell if he doesn't leave in May
Summary
President Donald Trump said he will fire Federal Reserve Chair Jerome Powell if Powell does not leave when his term ends in May. Powell plans to stay until his replacement, Kevin Warsh, is confirmed, but some senators oppose Warsh's appointment due to a criminal investigation linked to Powell.Key Facts
- Jerome Powell's term as Federal Reserve Chair ends on May 15.
- Powell wants to stay until his successor Kevin Warsh is confirmed by the Senate.
- President Trump threatened to fire Powell if he does not leave in May.
- Senator Thom Tillis opposes Warsh's confirmation until a criminal probe involving Powell is dropped.
- The probe concerns a costly renovation of the Federal Reserve building.
- Trump has criticized Powell for not cutting interest rates and for alleged mishandling of renovation funds.
- Trump appointed Powell in 2017; Powell was reappointed by President Joe Biden in 2021.
- Firing a Federal Reserve Chair would be unprecedented in U.S. history.
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