President Donald Trump threatened to fire Federal Reserve Chair Jerome Powell if he remains in his position beyond May 15, when his current term expires. Trump made the threat during a Fox Business interview, escalating his ongoing pressure campaign against the central bank's leadership.
I'll have to fire him, OK, if he's not leaving on time. I've held back firing him. I've wanted to fire him, but I hate to be controversial
Donald Trump — Fox Business
Powell's term as Fed chair ends on May 15, but he has indicated he would remain in the position temporarily until his successor is confirmed by the Senate. This arrangement follows established precedent when confirmation processes extend beyond a chair's term expiration.
The confirmation of Trump's nominee Kevin Warsh faces significant obstacles. Republican Senator Thom Tillis, a key member of the Senate Banking Committee, has vowed to block Warsh's confirmation until the Justice Department ends its criminal investigation into Powell regarding Federal Reserve building renovations.
Trump refused to drop the investigation, which centers on alleged cost overruns in the Fed's headquarters renovation project. The president has accused Powell of mishandling the project, claiming it cost billions when it could have been completed for tens of millions.
The BBC frames this as an institutional conflict between presidential authority and central bank independence, emphasizing the unprecedented nature of firing a Fed chair. Their coverage highlights the legal and procedural complexities while maintaining analytical distance from the political drama.