Trump say’s he’ll ‘fire’ Jerome Powell if he doesn’t leave ‘on time’
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U.S. President Donald Trump is threatening to fire Federal Reserve Chair Jerome Powell if he doesn’t step aside when his term as the head of the central bank expires next month.
“Then I’ll have to fire him,” Trump said in a sit-down interview with Fox Business’ Maria Bartiromo on Wednesday. “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. I want to be uncontroversial.”
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In January, the Department of Justice had opened an investigation into Powell over his testimony to Congress about the Fed’s $2.5-billion renovation of its headquarters in Washington, a project Trump had criticized as excessive.
Powell said he believed the probe was launched over the Feds’ refusal to cut interest rates as fast as the president might have liked.
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Standoff at the Federal Reserve
Last month, Powell said he would not step down as governor until the DoJ investigation involving him was “well and truly over, with transparency and finality.”
While his term as chair ends on May 15, his term as governor expires in 2028.
The move was seen as unusual as a former chair typically leaves the board after their term as chief expires.
Legal proceedings have bogged down the investigation, with a federal judge last month quashing the DoJ’s subpoena to Powell for information regarding the renovation project.
U.S. Attorney for D.C. Jeanine Pirro, whose office is leading the investigation, has said she would appeal the decision.
During the Fox Business interview Wednesday, Trump said he’s continuing to push for the probe into the Federal Reserve renovation, and said he would have to “fire” Powell if he doesn’t leave the Fed when his term as chair ends.
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Republican senator won’t back Trump’s pick for next chair
Another issue complicating Powell’s departure is a Republican senator’s refusal to accept Trump’s pick for the next chair.
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