President Trump has repeatedly threatened to fire Federal Reserve Chair Jerome Powell if he does not step down “in time,” with his term as chair ending in May. The president also indicated he would not halt a Justice Department investigation into the central bank leader.
Powell’s current role as Fed chief concludes in mid-May, though he could remain on the board of governors until 2028. He has not indicated plans to leave before the investigation is over. The White House is pushing for the Senate to approve Kevin Warsh as Trump’s nominee to lead the Fed.
The possibility of Powell staying on past May has increased scrutiny of Trump’s approach to the Fed in the Senate, where Warsh’s nomination requires approval. Some have expressed support for Warsh’s swift confirmation, while Powell has demurred on his future plans.
Trump has escalated his ongoing dispute with Powell, signaling he won’t drop the investigation and stating he has “held back” on firing the Fed chair.