Trump Says He Will Fire Fed Chair Powell If Term Extended

President Donald Trump stated on April 15, 2026, that he would fire Federal Reserve Chair Jerome Powell if Powell remains at the central bank after his successor takes over. Trump made the remarks during an interview on Fox Business. He said he has refrained from firing Powell earlier to avoid controversy.

Powell's term as chair ends on May 15, 2026. His term as a Fed governor continues until January 31, 2028. Most past Fed chairs have left the central bank after replacement, but Powell has not specified his plans.

Investigation into Fed Headquarters Renovation Trump said the probe into the renovation of the Federal Reserve's headquarters will continue regardless of Powell's status.

1 billion, a 25% increase. Trump described the renovation as incompetent and possibly corrupt. The investigation examines the handling of the headquarters project. Officials attempted to subpoena Powell for information but were rebuffed by a judge, who denied the request.

The decision is under appeal. Powell has said he will remain as chair until the investigation concludes and a successor is confirmed. Trump insisted the probe must proceed to demonstrate the issues with the project.

Nomination of Successor and Interest Rates Trump has nominated former Fed Governor Kevin Warsh as Powell's successor.

, said he will block Warsh's nomination from advancing in the Senate Banking Committee until the renovation probe finishes. Trump repeated calls for lower interest rates. He expressed confidence that Warsh would reduce rates once in position.

“Interest rates will be lower when Warsh gets in...”

Background on Tensions Trump and Powell have clashed over the Federal Reserve's interest rate policies.

Trump has criticized the Fed for not lowering rates quickly enough. The tensions date back to previous interactions, including a July 2024 tour of the Fed headquarters where Trump questioned Powell about renovation costs.

S. Supreme Court. The renovation project involves demolishing parts of the existing building, which Trump described as containing some of Washington's most beautiful rooms.

He compared the costs unfavorably to his own past construction projects, noting a hotel he built for around $200 million.