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Central BanksMediumUpdated×3•Originally published 16 April 2026•Updated 16 April 2026•

1 min read

Trump Escalates Threats to Remove Jerome Powell from Fed Board

Key Facts

1President Trump threatened to remove Jerome Powell from the Fed Board of Governors if he does not resign after his chairmanship ends on May 15.

2Powell's term as Fed chair ends in May 2026, but his term on the Fed board lasts until 2028.

3 months ago

Version History

Version 33 months ago

What changed: Trump shifted from general rhetoric to an explicit threat of firing Powell from the Board of Governors if he does not resign voluntarily, claiming prior restraint.

Version 23 months ago

What changed: Update identifies Kevin Warsh as the nominee and links the DOJ involvement to a criminal investigation into Fed headquarters renovation.

Version 13 months ago

What changed: Confirmed the May 15 deadline for Powell's chairmanship, revealed the DOJ's active involvement in the legal standoff, and contextualized the Fed overhaul within Trump's broader geopolitical and economic agenda.

President Donald Trump has intensified his rhetoric against Fed Chair Jerome Powell, explicitly stating he would 'have to fire' Powell if he does not vacate his position voluntarily by the May 15 deadline. Trump clarified that this threat of termination extends to Powell's seat on the Board of Governors, claiming he had previously 'held back' from taking such drastic action. While Trump has nominated Kevin Warsh as a successor, the confirmation remains stalled in the Senate, complicating the leadership transition. Powell maintains his intention to remain on the Board until the Department of Justice (DOJ) completes its investigation into the Fed's headquarters renovation. Trump’s refusal to end this criminal probe further deepens the legal standoff, raising significant alarms regarding central bank independence. Investors are closely tracking these developments for potential impacts on Treasury yields and long-term institutional stability.