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
Analysis Feed
AI commentaryThis threat represents a significant challenge to Federal Reserve independence, a cornerstone of U.S. economic governance since 1913. The Federal Reserve Act provides limited grounds for removing Fed governors (only 'for cause'), making Trump's threat legally questionable. The timing—just before Powell's chair term expires but while his board term continues—suggests an attempt to pressure Powell into resignation rather than remaining as a board member. This escalates Trump's pattern of attacking independent institutions that don't comply with his preferences.