SAEDNEWS: Donald Trump, the President of the United States, said that if Jerome Powell, the head of the Federal Reserve, does not step down when his term ends next month, he will remove him from the position.
According to Saed News political service, U.S. President Donald Trump said he would dismiss Federal Reserve Chair Jerome Powell if Powell does not step down when his term ends next month.
Speaking on Wednesday in an interview with Fox Business host Maria Bartiromo, Trump responded to a question about Powell remaining at the Federal Reserve by saying, “Well, then I’ll have to fire him.”
Powell’s term as chair ends on May 15. Trump’s nominee to replace him, Kevin Warsh, has not yet been confirmed by the Senate or approved in a full vote. As a result, Powell could temporarily remain in his position under Federal Reserve rules.
At a March press conference, Powell confirmed that if Warsh is not confirmed by May 15, he would stay on as acting chair. “That’s what the law says. We’ve done that several times,” he noted.
The U.S. Senate Banking Committee has scheduled Warsh’s confirmation hearing for April 21. However, Republican Senator Thom Tillis, a key member of the committee, has said he will not support Warsh’s confirmation until a Justice Department criminal investigation involving Powell is concluded.
Trump has repeatedly criticized Powell for not lowering interest rates in line with his preferences. His administration has also pointed to the $2.5 billion renovation of the Federal Reserve’s headquarters in Washington, D.C., as a potential avenue to remove the central bank chief.
Trump said he hopes the Senate Banking Committee will confirm Warsh next week, adding that Tillis “is an American; he knows what to do.”
At the same time, Trump acknowledged that Tillis may hold his position, and that the investigation—led by Jeanine Pirro—could delay Warsh’s appointment to the Federal Reserve.
Trump said he wants Powell out of the Federal Reserve, but not to the extent of asking Pirro to halt the investigation.
In the interview, conducted at the White House, he questioned the rising cost of the Federal Reserve renovation project, saying it had escalated far beyond initial estimates and should be investigated.
Trump described Powell as “a disaster for the country,” claiming that billions of dollars had been spent on relatively small construction projects and calling for scrutiny of the contractors involved.
He added that while the situation may involve corruption, it also reflects incompetence that needs to be exposed.
The Federal Reserve has stated that cost increases were due to “unforeseen conditions,” including higher-than-expected asbestos levels, toxic soil contamination, and elevated groundwater levels requiring additional remediation.
Trump said he has not yet fired Powell, noting, “I’ve wanted to, but I don’t like the turmoil.”
Last month, Powell said he would not step down from the Federal Reserve while the Justice Department investigation is ongoing.
“I have no intention of stepping down until this investigation is fully, transparently, and definitively resolved,” he said.
Powell’s term as Federal Reserve Chair ends on May 15, while his term as a member of the Board of Governors continues until January 2028. He has not yet decided whether he will remain on the board.
