Summary
President Donald Trump threatened to fire Federal Reserve Chair Jerome Powell if he does not leave after his term ends on May 15. Trump wants Powell replaced by his nominee, Kevin Warsh, and supports a criminal investigation into costly renovations at the Fed’s headquarters.
Key Facts
- Jerome Powell’s term as Federal Reserve Chair ends on May 15, 2025.
- President Trump said he would fire Powell if Powell does not leave on time.
- Trump has criticized Powell for not lowering interest rates and called his job performance bad.
- Kevin Warsh, Trump's nominee to replace Powell, is scheduled for a Senate nomination hearing on April 21.
- Senator Thom Tillis plans to block Warsh’s nomination until a criminal investigation of the Fed’s building renovations ends.
- The Justice Department is investigating the renovations, which reportedly cost about $4 billion.
- Powell called the investigation a “pretext” intended to pressure the Fed politically.
- It is unclear if Trump can legally fire Powell due to pending Supreme Court cases involving firing Fed officials.
