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Trump Escalates Threat Against Fed Chair Powell Amid Confirmation Standoff. Tensions are heating up in Washington as Donald Trump warns he may remove Federal Reserve Chair Jerome Powell if he refuses to step down when his term ends on May 15. The clash follows months of disagreement over interest rates, with Powell resisting pressure to cut them despite Trump’s repeated demands. Although his term is expiring, Powell has indicated he will remain in the role temporarily until a replacement is officially confirmed by the Senate. That process is now facing political roadblocks. Republican Senator Thom Tillis has threatened to block the confirmation unless a criminal investigation tied to renovations at the Federal Reserve is dropped. Despite pressure from party leaders like John Thune, Trump insists the probe must continue. Meanwhile, Treasury Secretary Scott Bessent remains optimistic the process will move forward in time. Trump has sharply criticized Powell’s leadership, even accusing him of wasting billions on renovations. If he follows through on firing Powell, it would mark an unprecedented move in U.S. history—breaking long-standing norms around the independence of the Federal Reserve.
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