President Trump Says He Will Fire Fed Chair Jerome Powell if Powell Does Not Resign
President Trump said Jerome Powell would be fired if he remains after his chair term ends on May 15, while a Justice Department review of the Federal Reserve headquarters renovation is also underway.
Summary
President Trump said he would fire Jerome Powell if Powell remains after his term as Federal Reserve chair ends on May 15. The update adds that Powell could continue as acting chair if a nominee, identified as Warsh, is not confirmed by the Senate before then. Trump also said the U.S. Justice Department is investigating the Federal Reserve headquarters renovation project, extending the dispute over Powell’s future at the central bank beyond questions about the end of his chair term.
Terms & Concepts
- Federal Reserve: The central bank of the United States, responsible for monetary policy, interest rates, and financial system stability.
- Fed Chair: The leader of the U.S. Federal Reserve, who helps guide policy decisions affecting markets, borrowing costs, and liquidity.
- Senate: The upper chamber of the U.S. Congress, which must confirm certain presidential nominees, including key federal appointments.