Trump Threatens to Fire Fed Chair Powell if He Stays on the Board

President Donald Trump has renewed his pressure campaign against Federal Reserve Chair Jerome Powell, saying he would fire Powell if Powell does not leave the Fed board when his chair term ends on May 15.

Reuters first reported the remark on April 15, and AP later confirmed it. The Washington Post also reported that Trump tied the threat to the Fed’s renovation controversy and said he would not stop the related probe.

The Federal Reserve had already scheduled a closed Board meeting for April 15. AP also reported that prosecutors sought access to the Fed building the day before as part of the renovation investigation.

Powell’s chair term ends on May 15, but his board term runs longer, raising the question of whether Trump can legally remove him from the board at all.

For now, the new threat escalates a long-running political battle over the central bank, interest rates and the Fed’s independence.