President Trump indicated he may fire Federal Reserve Chair Jerome Powell if a nominee for the position, Warsh, is not confirmed before Powell's term ends on May 15. Trump expressed a desire to remove Powell previously but cited a wish to avoid controversy. The confirmation process for Warsh faces potential delays due to an ongoing Justice Department probe into Powell related to renovation project budgets, which has drawn criticism from former Fed Chairs.
he'll stay in the job on a temporary basis if Warsh isn't confirmed before May 15, when Powell's term as chair ends. “Then I’ll have to fire him,” Trump told Fox Business on April 15 in response to a question about Powell potentially staying on.'If he's not leaving on time — I've held back on firing him. I've wanted to fire him. But I hate to be controversial. I want to be uncontroversial.'
WASHINGTON, DC - MARCH 19: Federal Reserve Chair Jerome Powell participates in a board meeting at the Federal Reserve on March 19, 2026 in Washington, DC. The board met to meet to discuss a proposal to loosen capital requirements for large and regional banks, scaling back stricter regulations. , U.S. presidents have the ability to fire officials from the Federal Reserve's board'for cause.'
In January, the Supreme Court seemed skeptical of the administration's arguments in a case involving Trump'sTrump nominated Warsh to the position, but Warsh has yet to be confirmed by the Senate. After a paperwork delay, Warsh has since filed required financial disclosures, setting up. However, his confirmation isn't guaranteed. Sen. Thom Tillis, R-North Carolina, vowed to stall any nominations to the Fed until the Justice Department ends its probe into Powell related to the budget for a a major renovation project at the central bank's headquarters.
Former Fed Chairs Janet Yellen, Ben Bernanke and Alan Greenspan called the criminal inquiry'an unprecedented attempt to use prosecutorial attacks to undermine' the central bank's independence in January. Powell himself condemned it in Sen. Tim Scott, R-South Carolina, who chairs the Senate Banking Committee, told Fox Business the day prior on April 14 he was confident the Justice Department would'wrap up' its investigation into Powell, and that Warsh would assume the role'in the next few weeks.''Whether its incompetence, corruption, or both, I think you have to find out,' Trump added.
Even if Warsh is confirmed by May 15, Powell has said he plans to stay on the Fed's Board of Governors, where his term does not end until January 2028, until the Justice Department's investigation is'truly over.'Reach Rachel Barber at rbarber@usatoday.com and follow her on X @rachelbarber_
Jerome Powell Trump Federal Reserve Warsh Confirmation
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US, Iran May Resume Talks in Islamabad Amidst War ConcernsNegotiations between the United States and Iran to end the war may resume in Islamabad this week, sources told Reuters. Talks previously ended without a breakthrough, raising concerns about the ceasefire. The conflict has impacted global energy security due to the closure of the Strait of Hormuz and the US blockade of Iranian ports.
Read more »
Trump Administration Pushes for Kevin Warsh as Fed Chair Amidst Confirmation ChallengesThe Trump administration is advocating for Kevin Warsh to replace Jerome Powell as the US Federal Reserve Chair, aiming for a swift transition. However, Warsh's confirmation faces obstacles in the Senate due to a legal dispute involving the Justice Department's probe into the Fed's headquarters renovation costs, sparking pushback from key lawmakers.
Read more »
Eric Trump's Trip with Father to Raise Conflict of Interest ConcernsEric Trump's accompanying of his father, former US President Donald Trump, on a visit sparks conflict of interest concerns due to Eric's role managing the Trump Organization and its potential for business dealings. The situation draws comparisons to previous criticisms made by Trump regarding Joe Biden's son.
Read more »
Oil prices fall for a second day on expectations US-Iran talks may resumeTOKYO — Oil prices fell for a second day on Wednesday (April 15) on expectations peace talks between the US and Iran may resume and eventually release supply from the key Middle East producing region trapped by the closure of the Strait of Hormuz.Brent crude futures fell 52 cents, or 0.55 per cent, to US$94.27 (S$120) a barrel at 12.54am...
Read more »
US, Iran may resume talks this week despite port blockadeISLAMABAD/WASHINGTON/DUBAI — Talks to end the Iran war could resume in Pakistan over the next two days, US President Donald Trump said on Tuesday (April 14), after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports.
Read more »
Asia’s jet fuel supply shortage may spread across the globe within weeks%
Read more »