Trump Says He ‘Will Have to Fire’ Jerome Powell If He Stays at the Fed After His Term Expires

President Donald Trump said on Wednesday that he would fire Federal Reserve Chair Jerome Powell if he remained at the central bank after his term as chair expires next month.

In an interview with Fox Business’ Maria Bartiromo, Trump was asked about Powell’s position after May 15, 2026, the date his term as Fed chair ends. Powell has already indicated he does not plan to leave immediately if no successor has been confirmed and has suggested he could continue serving in another role at the central bank. Trump’s response was blunt: “Well then, I’ll have to fire him, OK?”

Powell’s term as chair ends in a month but his term as a member of the Federal Reserve Board of Governors does not expire until January 31, 2028, according to the Federal Reserve. That distinction could allow him to remain inside the institution even after losing the chairmanship, preserving influence over monetary policy and Fed deliberations at a moment when Trump is pressing for lower interest rates.

Trump’s threat comes as his administration pushes to install former Fed governor Kevin Warsh as Powell’s replacement. But Warsh’s path has grown more complicated because of a Justice Department investigation tied to the Fed’s costly headquarters renovation project in Washington. The probe, along with resistance from Republican Sen. Thom Tillis, has clouded the confirmation process and could delay the transition beyond Powell’s May departure date as chair.

The dispute has also become entangled with a broader struggle. The Trump administration has kept up pressure on Powell through criticism of interest-rate policy and support for the investigation into the Fed’s renovation plan.

In January, the Department of Justice served grand jury subpoenas to the Federal Reserve, threatening a criminal indictment in connection with Powell’s testimony before the Senate Banking Committee in June 2025. That testimony involved details about a multi-year renovation of historic Federal Reserve office buildings in Washington, D.C., including costs and oversight of the project.

The Associated Press reported this week that federal prosecutors sought access to the Fed construction site, even after a judge had already cast doubt on the basis for the inquiry and said prosecutors had not established evidence of a crime. In March, Powell said he would stay until a successor is confirmed and would not leave the Fed while the investigation remains unresolved.