Trump threatens to fire Fed chair as criminal probe dims outlook of his departure
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President Donald Trump threatened to fire Federal Reserve Bank Chair Jerome Powell if he stays on the board after his leadership term expires next month — but also championed the federal investigation that could sideline his own pick for the job. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. In an interview with Fox Business that aired Wednesday, Trump said that if Powell stays on the board of the Fed past May 15, "then I’ll have to fire him, OK?
AI Summary
Main Idea: Trump said he may fire Federal Reserve Chair Jerome Powell if Powell stays after his term ends, while a criminal probe into Powell’s conduct is complicating the planned leadership change.
Key Points:
- Trump said on Fox Business that he would fire Powell if he does not leave the Fed board on time.
- Sen. Thom Tillis said he will not back Kevin Warsh, Trump’s pick to replace Powell, unless the Justice Department ends its probe.
- The probe centers on cost overruns tied to Fed building renovations, which Powell and a judge have said do not show criminal evidence.
- Trump defended the investigation and said the Fed should still find out whether the overruns came from “incompetence, corruption or both.”
Impact on the People
Negative Impact
Pressure on Fed Chair Jerome Powell could shake confidence in interest-rate policy and add uncertainty for mortgages, loans, and markets that affect households and small businesses.
Positive Impact
A clear Senate review of the Fed nominee could help protect the central bank’s independence and limit risky political interference.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Primary:Governor Jerome Powellperson
Candidate Entities10 candidates · 5 weighted vote min · 70% decision
- Governor Jerome PowellpersonPrimaryEvaluated
Central subject of the firing threat and the criminal investigation affecting his role.
Include 0 (0%)Ignore 0 (0%)5 to threshold - President Donald TrumppersonPrimaryAI selected
Central actor threatening to fire Jerome Powell and discussing the Justice Department probe.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Department of Justicegovernment agency or bodyMajorAI selected
The department conducting the criminal investigation into Powell.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Kevin WarshpersonMajorAI selected
Trump’s Fed nominee whose confirmation is affected by the probe and Senate vote.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Senator Thom TillispersonMajorAI selected
Key senator whose vote on Warsh is tied to the Powell investigation.
Include 0 (0%)Ignore 0 (0%)5 to threshold - U.S. Attorney Jeanine PirropersonMajorAI selected
Named official leading the criminal probe that is central to the story.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Senate Majority Leader John ThunepersonContextCandidate
Named senator commenting on the investigation and confirmation process.
Include 0 (0%)Ignore 0 (0%)5 to threshold
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