Trump Threatens To Fire Powell Amid Fed Investigation
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WASHINGTON: President Donald Trump on April 15 renewed public pressure on Federal Reserve Chair Jerome Powell, saying he would fire Powell if the chair does not leave when his term ends on May 15. Trump reiterated the administration's probe into the Fed headquarters renovation and confirmed his nomination of former central banker Kevin Warsh as successor. This week federal prosecutors made an unannounced visit to the Fed construction site tied to a reported $2.5 billion renovation and were turned away, and a DOJ deputy previously told a judge investigators had not found evidence of a crime. Warsh faces a Senate Banking Committee confirmation hearing next week, and lawmakers from both parties have voiced concerns about the probe.
Prepared by Lauren Mitchell and reviewed by editorial team.
Timeline of Events
- January: Justice Department opens investigation into Fed headquarters renovation project.
- March: Closed-door hearing where a DOJ deputy said investigators had not found evidence of a crime.
- Early April: President Trump nominates Kevin Warsh as Fed chair successor and continues to criticize Powell's policies.
- April 15: Trump tells Fox Business he will fire Powell if he does not leave on time.
- Mid-April: Federal prosecutors make an unannounced visit to the Fed construction site and are turned away; Warsh's confirmation hearing is scheduled next week.
Why This Matters to You
The Federal Reserve sets interest rates, affecting your loans and savings. If Powell is fired and Warsh takes over, policies could change. Watch for updates on Warsh's Senate hearing next week.
The Bottom Line
Trump's threat to fire Powell amid a Fed renovation probe adds another layer of uncertainty to the economy. Despite the drama, remember: no crime evidence has been found so far. Worth forwarding if you know someone with a keen eye on their finances.
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The Trump administration stands to benefit politically if Kevin Warsh is confirmed as Fed chair because he is the president's nominee and would likely be aligned with the administration's monetary and regulatory preferences.
Jerome Powell risks professional upheaval and potential removal from the Fed chair role amid the president's public firing threat and an ongoing Justice Department inquiry into the Fed headquarters renovation.
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Trump Threatens To Fire Powell Amid Fed Investigation
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