President Donald Trump said he will fire Federal Reserve Chair Jerome Powell if he does not step aside when his term at the helm of the central bank expires next month.
“Then I’ll have to fire him,” Trump told Fox Business’ Maria Bartiromo Wednesday in response to a question about Powell staying on at the Fed.
The timing of Powell’s departure from the Fed has been complicated by the Department of Justice’s criminal investigation into the Fed chair that accuses Powell of lying to Congress in testimony last year about the Fed’s $2.5 billion-dollar renovation of its Washington, DC, headquarters. It’s a subject the Trump administration has zoned in on as part of its repeated criticism of Powell’s leadership of the Fed.
Trump in January nominated former Fed governor Kevin Warsh to replace Powell, whose term leading the central bank expires on May 15. But North Carolina Republican Sen. Thom Tillis, a key member of the committee that approves Fed nominees, reiterated this week that he will not vote to confirm Warsh until the Powell probe has concluded.
The Trump administration doubled down on its support for the probe this week, despite the likelihood that it will delay Warsh’s nomination and could lead to a legal faceoff with Powell that could prolong Trump’s unwanted Fed chair to stay at the central bank.
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