Trump: Powell Fired If He Won't Quit
Trump says he will fire Powell if he won’t resign when his Fed chair term ends May 15, 2026, as a DOJ probe and Warsh vote loom.
Lauren Collins ·
U.S. President Donald Trump said on April 15, 2026, that he would dismiss Federal Reserve Chair Jerome Powell if Powell does not step down when his term as chair ends next month. Powell’s tenure as chair is scheduled to expire on May 15, 2026, placing the leadership of the U.S. central bank at the center of a political and confirmation fight.
Trump’s statement came after he has repeatedly criticized Powell’s monetary policy decisions and amid a Department of Justice criminal investigation tied to the Federal Reserve’s headquarters renovation project. Officials said the probe is being led by U.S. Attorney Jeanine Pirro and is examining alleged irregularities and cost overruns connected to the Fed’s $2.5 billion renovation.
The situation is complicated by the possibility that Powell could remain as chair “pro tempore” if Trump’s nominee, Kevin Warsh, is not confirmed by the Senate by May 15. Powell said in March that he would serve in an interim capacity under that scenario, pointing to established Federal Reserve regulations.
Senator Thom Tillis, a key member of the Senate Banking Committee, has said he will not support Warsh’s confirmation until the DOJ investigation involving Powell is finished. Trump said he hoped Warsh would be confirmed quickly, while also acknowledging that Tillis’s position and the ongoing investigation could block or delay the process.
Trump described Powell as a “disaster” for the country, focusing his criticism on the renovation costs. The President said the project could reach $4 billion, while the Federal Reserve has cited specific site and construction challenges as drivers of higher expenses, including asbestos, toxic soil contamination, and a high water table.
Powell has said he intends to remain in his position until the DOJ investigation is definitively concluded with transparency. With the chair term ending on May 15, 2026, the immediate uncertainty centers on whether the Senate confirms Warsh in time, whether Powell continues in an interim role, and how the investigation’s timeline intersects with the leadership transition.