Trump threatens to fire Powell if the Fed chair doesn’t leave office on his own
President Donald Trump once again threatened to dismiss Federal Reserve Chair Jerome Powell and emphasized the need for the ongoing investigation into the renovation of the central bank’s headquarters. In an interview on Fox Business, Trump stated that if Powell remains as a Fed governor after his successor is confirmed, he will have him removed from office, declaring, “Then I’ll have to fire him.” Despite expressing a desire to terminate Powell in the past, Trump has refrained from doing so in order to avoid controversy.
Powell’s term as chair is set to expire on May 15, and Trump has put forward former Fed Governor Kevin Warsh as his replacement. While Powell’s tenure as chair is drawing to a close, he still has two years remaining on his term as governor. Unlike previous Fed chairs who typically departed the central bank after being replaced, Powell has not disclosed his intentions for the future.
The investigation into the Fed headquarters renovation has further complicated Powell’s exit as chair. U.S. Attorney for the District of Columbia Jeanine Pirro attempted to subpoena Powell for information related to the project, but her request was denied by a judge. Senator Thom Tillis has announced his intention to block Warsh’s nomination until the investigation concludes. Powell has reiterated his commitment to remaining as chair until a successor is confirmed.
Trump emphasized the importance of continuing the investigation, describing the situation as potentially corrupt and incompetent. He also reiterated his advocacy for lower interest rates and expressed confidence that Warsh would prioritize this objective.
In a related development, Trump’s previous attempts to replace Governor Lisa Cook amid allegations of mortgage improprieties have been unsuccessful thus far. The case is currently under review by the U.S. Supreme Court.
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