President Donald Trump said in an interview with Fox News that he would remove Federal Reserve Chair Jerome Powell if Powell does not step down when his term concludes on May 18. The statement follows President Trump’s nomination of financial executive Kevin Warsh to lead the central bank.
A confirmation hearing for Warsh is scheduled before the Senate Banking Committee for the upcoming week. The president’s comments address the possibility of Powell remaining in his role after his term officially ends, a practice that can occur while a successor awaits confirmation. In the interview, President Trump stated he would act to remove Powell if Warsh is not confirmed by the end of the term.
The nomination of Warsh faces reported opposition within the president’s own party. Senator Thom Tillis, a Republican on the banking committee, has indicated he will withhold his support for any nominee to lead the Federal Reserve as long as the Trump administration proceeds with an investigation into Powell.
The investigation concerns alleged mismanagement of Federal Reserve renovations. Senator Tillis has publicly characterized the administration’s inquiry as a form of political retribution stemming from the Federal Reserve’s decisions on interest rates, which President Trump has frequently criticized. The Federal Reserve operates as an independent central bank, and its chair is appointed to a four-year term.
