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Trump Threatens to Fire Fed Chair Powell Over Ongoing Investigation

KVIA••CNN Newsource
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President Donald Trump has announced that he will dismiss Federal Reserve Chair Jerome Powell if he remains in his position when his term expires on May 15. This ultimatum comes amidst a criminal investigation by the Department of Justice, which alleges Powell lied to Congress regarding a costly renovation project for the Fed's headquarters. Trump's administration is pushing for the confirmation of Kevin Warsh as Powell's replacement, but key Senate Republican Thom Tillis has stated he will not support Warsh's nomination until the investigation concludes. This situation raises concerns about the independence of the Federal Reserve amid unprecedented political pressure from the White House.

Key Details: • Powell's term expires on May 15, 2023. • Senate Banking Committee hearing for Warsh is scheduled for April 21, 2023. • Tillis opposes Warsh's nomination until the investigation is resolved.

trump investigation federal-reserve powell warsh

People & Organizations

Donald TrumpDepartment of JusticeFederal ReserveJerome PowellWashington D.C.Thom TillisJeanine PirroKevin Warsh

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