Trump Threatens to Fire Powell Over Extended Tenure as Federal Reserve Chair
TL/DR –
Donald Trump has threatened to fire Jerome Powell if he continues to serve as the US Federal Reserve chair beyond his tenure. The threats come as the White House pushes for Kevin Warsh, Trump’s new nominee for the role, to be approved by the Senate amid growing scrutiny of Trump’s approach to the Federal Reserve. Trump has doubled down on a criminal investigation into renovations at the central banks’ headquarters and has criticized Powell for not lowering interest rates.
Donald Trump has cautioned Jerome Powell, Chair of the US Federal Reserve, of termination should he extend his tenure beyond its expiry. Trump also probed into the central bank’s renovation.
Trump’s nominee for the Federal Reserve Chair, Kevin Warsh, is under the Senate’s scrutiny. Powell’s term concludes on 15 May, but the possibility of him extending his tenure has augmented.
In an interview on Fox Business, Trump hinted at firing Powell if he overstays his term. The President has also criticized Powell’s monetary strategy since his return to office in January 2025, emphasizing lower interest rates.
Senator Thom Tillis from North Carolina has voiced his intention to block Warsh’s nomination until a criminal investigation into Powell concludes. The investigation pertains to the Federal Reserve headquarters’ renovation in Washington DC. Read more
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