Trump Threatens to Fire Powell if He Remains as Fed Chair
AFP, Washington, 15th—President Donald Trump has once again pressured Federal Reserve Chair Jerome Powell, stating that if Powell does not step down after his current term ends, he will fire him.
Speaking in an interview with Fox Business Network, Trump said: "If Jerome Powell doesn't leave on time, I'll have to fire him... I've wanted to fire him before."
Powell's term is set to expire in mid-May. Trump has repeatedly criticized Powell for not lowering interest rates more aggressively. Additionally, the Trump administration has launched an investigation into allegations that Powell overspent during renovations at the Federal Reserve.
Trump has nominated former Fed governor Kevin Warsh to succeed Powell, but Warsh must be confirmed by the U.S. Senate. A confirmation hearing before the Senate Banking Committee is scheduled for the 21st.
However, Warsh’s nomination faces challenges, as some lawmakers argue that the Department of Justice’s investigation into Powell constitutes political pressure on the Federal Reserve. Republican Senator Thom Tillis, a member of the Senate Banking Committee, has vowed not to approve Powell’s replacement as long as the investigation remains unresolved.
When asked today whether he would drop the DOJ investigation into Powell, Trump replied: "I'm not playing around—I need to get to the truth."
If the nomination process stalls, Powell is legally entitled to continue serving as Fed Chair.
Powell first took over the Federal Reserve in 2018 during Trump’s first presidential term and was reappointed in 2022 under Democratic President Joe Biden.
Original: toutiao.com/article/1862558502071372/
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