Summary
President Donald Trump said he will fire Federal Reserve Chair Jerome Powell if Powell does not leave when his term ends on May 15. This statement came amid delays in confirming Trump’s choice to replace Powell, Kevin Warsh, and ongoing investigations related to Fed projects.
Key Facts
- President Trump said Powell must step down by May 15 or he will be fired.
- Trump’s pick to replace Powell is Kevin Warsh, whose confirmation is pending and uncertain.
- Senator Thom Tillis has stated he will block Warsh’s confirmation until a federal investigation into Powell ends.
- Powell faces a federal probe into a Fed building renovation project, but no evidence of a crime has been found.
- Trump criticizes the Fed’s cautious approach to cutting interest rates and wants more control over the Fed’s board.
- The Federal Reserve’s independence is seen by some as being threatened by political pressure.
- Trump has appointed three current Fed board members, but one holds a seat with an expired term.
- The White House did not comment further on this issue when asked.
