Trump threatens to fire Fed Chair Jerome Powell if he doesn't resign by May 15

President Trump threatened to fire Federal Reserve Chair Jerome Powell in a Fox Business interview if Powell refuses to leave when his term as chair expires on May 15, 2026. Trump stated he would remove Powell if he stays on the Fed's Board of Governors, where his separate term extends through 2028. Trump has repeatedly criticized Powell for being too slow to cut interest rates and has nominated Kevin Warsh to succeed him as Fed chair. The threat escalates Trump's ongoing conflict with the independent central bank and raises constitutional questions about presidential authority over Fed governance, as the Federal Reserve Act provides limited grounds for removing Fed governors.

"I would fire him if he doesn't leave by May 15" — Trump's statement during Fox Business interview regarding Federal Reserve Chair Jerome Powell's future