Trump Threatens to Fire Powell if He Does Not Resign From Fed
The New York Times • • business
Key Points:
- President Trump threatened to fire Federal Reserve Chair Jerome Powell if he remains at the Fed after his term ends on May 15, amid an ongoing criminal investigation into the central bank.
- Powell’s term as chair ends May 15, but he can legally continue serving temporarily until Trump’s nominee, Kevin M. Warsh, is confirmed by the Senate, and remain a Fed governor until 2028.
- The confirmation process for Warsh is delayed due to a Justice Department investigation into Powell’s management of costly renovations at the Fed’s headquarters, which Trump describes as evidence of Powell’s incompetence.
- Federal prosecutors have faced significant legal challenges in the investigation, including a recent judge’s denial to reconsider a ruling that quashed subpoenas issued to the Fed.
- Powell has stated he intends to stay on the board until the investigation concludes with transparency and finality, prioritizing what he believes is best for the institution and the public.
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