{"id":75707,"date":"2026-04-15T19:14:03","date_gmt":"2026-04-15T19:14:03","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/why-jerome-powell-not-trump-will-decide-when-the-federal-reserve-chief-exits-the-scene\/"},"modified":"2026-04-15T19:14:03","modified_gmt":"2026-04-15T19:14:03","slug":"why-jerome-powell-not-trump-will-decide-when-the-federal-reserve-chief-exits-the-scene","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/why-jerome-powell-not-trump-will-decide-when-the-federal-reserve-chief-exits-the-scene\/","title":{"rendered":"Why Jerome Powell \u2014 not Trump \u2014 will decide when the Federal Reserve chief exits the scene"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>President Trump&#8217;s latest threat to fire Federal Reserve Chair Jerome Powell could put them on a collision course when the latter&#8217;s term as head of the central bank ends on May 15.<\/p>\n<p>In an interview with Fox Business&#8217; Maria Bartiromo on Wednesday,\u00a0 Mr. Trump said he would dismiss Powell if the policymaker stuck to his pledge of staying on as a Fed governor as long as the Department of Justice continues a\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/doj-subpoenas-federal-reserve-building-renovations-jerome-powell\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">criminal probe<\/a><\/span>\u00a0into ongoing building renovations at the Fed. Powell has said the investigation is intended to pressure him into supporting lower interest rates or resigning.\u00a0<\/p>\n<p>&#8220;Then I&#8217;ll have to fire him, OK, if he&#8217;s not leaving on time, I&#8217;ve held back firing him,&#8221; Mr. Trump told Bartiromo. I&#8217;ve wanted to fire him. But I hate to be controversial.&#8221;<\/p>\n<p>Mr. Trump&#8217;s comment follows a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-says-maybe-try-to-fire-federal-reserve-jerome-powell-interest-rates\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">string of previous threats<\/a><\/span> he&#8217;s made about removing Powell, with the president citing dissatisfaction with the Fed&#8217;s pace of interest rate cuts, which he has characterized as too slow.\u00a0<\/p>\n<p>But ousting Powell would be legally dubious, Dan Urman, director of the law and public policy minor at Northeastern University, told CBS News.<\/p>\n<p>&#8220;As the law currently stands, it is not legal for President Trump to fire Powell at any point \u2014 as chair or as governor \u2014 unless the firing is &#8216;for cause,'&#8221; he said. &#8220;The Federal Reserve Act of 1913 says the Federal Board of Governors can only be fired for serious misconduct.&#8221;<\/p>\n<p>He added, &#8220;Powell has done no such thing.&#8221;<\/p>\n<p>Fed governors serve 14-year terms, compared with four years for the Fed chair. As a result, the head of the nation&#8217;s central bank can remain on the Fed&#8217;s board even after exiting as chair. In Powell&#8217;s case, his term as chair ends May 15, while his term as a Fed governor runs through January 2028.<\/p>\n<h2>Warsh&#8217;s delayed confirmation<\/h2>\n<p>Another potential obstacle to the White House moving to dump Powell in the near term is the slow-moving effort to confirm former Fed official <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/kevin-warsh-economy-federal-reserve-chair\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Kevin Warsh<\/a><\/span>\u00a0as the new Fed chair. Republican Sen. Thom Tillis of North Carolina has said he <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/tillis-powell-investigation-kevin-warsh\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">won&#8217;t vote<\/a><\/span> to confirm any Fed nominees until the Justice Department&#8217;s investigation into the Fed renovations is dropped.<\/p>\n<p>&#8220;Trump today said he intended to fire Powell if he does not leave when his term expires, which would open another legal battle that would only intensify Powell&#8217;s resolve to remain at the Fed,&#8221; said Tim Duy, chief economist at SGH Macro, in a research note. &#8220;It increasingly appears that Trump&#8217;s animosity toward Powell prevents an offramp that would allow a smooth transition to Warsh.&#8221;<\/p>\n<p>Asked in March about the delay in confirming Warsh, Powell said he would serve as pro tem chair of the Fed until a successor can step into the role.\u00a0<\/p>\n<p>Although Mr. Trump could name Fed governor Stephen Miran as acting Fed chair on May 15, that move would likely face a legal challenge, TD Securities analyst Jaret Seiberg said in a note to investors.\u00a0<\/p>\n<p>&#8220;Jerome Powell has said that he would serve as &#8216;chair pro tem&#8217; until his successor is confirmed. So Powell could sue, suggesting that he, not Miran, is chair. It&#8217;s quite messy,&#8221; Urman said.<\/p>\n<p>Reached for a response about Mr. Trump&#8217;s remarks, the White House pointed to Treasury Secretary Scott Bessent&#8217;s comments at a Wednesday press conference.\u00a0<\/p>\n<p>&#8220;I am very optimistic that Kevin Warsh will be the chair of the Fed on time, and that will be a moot question,&#8221; Bessent said.\u00a0<\/p>\n<p>If Mr. Trump follows through on his threats to fire Powell, investors would likely react negatively, said Columbia Business School professor Brett House, noting that financial markets value the Fed&#8217;s ability to steer monetary policy independent of political pressure.\u00a0<\/p>\n<p>&#8220;There&#8217;s little question that markets will sell off if President Trump attempts to fire Jerome Powell,&#8221; House said.<\/p>\n<h2>A crucial precedent in June?<\/h2>\n<p>The Supreme Court is currently weighing two cases about whether a U.S. president has the legal authority to remove leaders of independent federal agencies, with one involving\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/supreme-court-lisa-cook-fed-trump-oral-arguments\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Fed governor Lisa Cook<\/a><\/span>. Mr. Trump tried to fire Cook in August over allegations she had engaged in mortgage fraud, which she denied. Cook hasn&#8217;t been criminally charged.\u00a0<\/p>\n<p>In informing Cook of her removal, Mr. Trump wrote in a letter shared on social media that he had &#8220;sufficient cause&#8221; to do so because of what he claimed was &#8220;deceitful and potentially criminal conduct in a financial matter.&#8221;<\/p>\n<p>The Cook case &#8220;is directly on point and asks if the president can fire a Federal Reserve Board member,&#8221; Urman said, adding that the Supreme Court is expected to hand down its decision by late June \u2014 after Powell&#8217;s term as Fed chief ends. &#8220;We should know where the law stands by the summer, but any attempts to fire Powell before then would pretty clearly be unlawful.&#8221;<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/alain-sherter\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Alain  Sherter<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n        <\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-threatens-fire-fed-chair-jerome-powell-legal-hurdles\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump&#8217;s latest threat to fire Federal Reserve Chair Jerome Powell could put them on a collision course when the<\/p>\n","protected":false},"author":1,"featured_media":75708,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[958],"class_list":["post-75707","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-federal-reserve"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Jerome Powell \u2014 not Trump \u2014 will decide when the Federal Reserve chief exits the scene - World News<\/title>\n<meta name=\"description\" content=\"President Trump would love to be finally rid of Fed Chair Jerome Powell. 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