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Trump Threatens to Dismiss Fed Chair Powell Amid Ongoing Investigations

KVIA•Wednesday, April 15, 2026 at 12:12 PM•CNN Newsource

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President Donald Trump announced he intends to fire Federal Reserve Chair Jerome Powell if Powell does not resign by May 15, when his term expires. Trump has criticized Powell for not lowering interest rates and has raised concerns over a costly renovation project at the Fed's headquarters. The Senate Banking Committee is set to hold a confirmation hearing for Trump's nominee, Kevin Warsh, on April 21, but the process is complicated by a Department of Justice investigation into Powell. Powell has stated he will not resign until the investigation concludes, emphasizing his commitment to transparency. This situation highlights tensions between the Trump administration and the Federal Reserve regarding monetary policy and governance.

Key Details: • Powell's term as Fed Chair ends on May 15. • Senate Banking Committee hearing for Warsh is scheduled for April 21. • Trump has expressed dissatisfaction with Powell's handling of interest rates. • The DOJ investigation into Powell may affect Warsh's confirmation. • Powell will remain in his position until the investigation concludes.

senate federal-reserve donald-trump jerome-powell kevin-warsh

People & Organizations

Donald TrumpDepartment of JusticeFederal ReserveJerome PowellThom TillisJeanine PirroKevin WarshSenate Banking Committee

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