Trump Threatens to Fire Fed Chair Powell, Continues DOJ Investigation Into Central Bank

President Trump threatened to fire Federal Reserve Chair Jerome Powell if he does not resign when his term ends in May, stating in a Fox Business interview that he would "have to fire" Powell if he stays. Trump doubled down on a Justice Department investigation into the Fed's $2.5 billion headquarters renovation, despite a recent court ruling that the probe is politically motivated because Powell won't lower interest rates as Trump wants. Federal prosecutors made an unannounced visit to the Federal Reserve building seeking access to the construction site. The investigation is blocking Senate confirmation of Trump's Fed nominee Kevin Warsh, as Republican Sen. Thom Tillis refuses to vote until prosecutors drop the probe. Trump's threats raise serious concerns about political interference in the independence of the central bank.

"I'd have to fire [Powell if he doesn't leave]. I've already held back by not terminating the Fed chair." — Fox Business interview regarding Federal Reserve Chair Jerome Powell's term ending in May 2026