WASHINGTON – US President Donald Trump on Wednesday renewed pressure on Federal Reserve Chair Jerome Powell, threatening to fire him if he stays beyond his mandate.
“I'll have to fire him," Trump said in an interview with Fox Business, if Powell "is not leaving on time." "I've held back firing him. I've wanted to fire him, but I hate to be controversial. I want to be uncontroversial."
Powell's term as Fed chair ends on May 15, and he has two years remaining on his term as governor. Trump has nominated former Fed Governor Kevin Warsh as his successor.
In an interview with reporters in March, Powell said he will keep serving as Fed chair if his nominated successor, Kevin Warsh, is not confirmed by the time his term is up.
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Powell also said he will not leave his board of governors position until the Department of Justice investigation of him has concluded.
The federal prosecutors have launched an investigation into Powell over the central bank's multi-billion-US dollar project to renovate its headquarters in January. US Attorney for the District of Columbia Jeanine Pirro tried issuing a subpoena to Powell for information regarding the project but was rebuffed by a judge.
Trump has repeatedly lashed out at him for not cutting interest rates more aggressively.
