politics
Trump threatens to fire Powell if the Fed chair doesn't leave office on his own
Though most Fed chairs in the past have left after being replaced, Powell has demurred on what he plans to do.
TL;DR
- President Trump has threatened to fire Fed Chair Jerome Powell if he doesn't resign from his governor position.
- Powell's term as Fed chair ends May 15, but he has two years left as a governor.
- An investigation into the Fed headquarters renovation is ongoing and complicates Powell's potential exit.
- Senator Thom Tillis will block Kevin Warsh's nomination until the probe is finished.
- Trump wants the investigation to continue, citing incompetence or corruption.
- Trump repeated his call for lower interest rates and expressed confidence in Warsh.
- Trump has faced challenges in replacing Governor Lisa Cook due to accusations of mortgage improprieties.