Overview
- Trump said Wednesday in a Fox Business interview that he will fire Jerome Powell if Powell stays after his chair term ends on May 15.
- Powell has said he would serve as chair pro tempore if no successor is confirmed, a temporary role allowed by Federal Reserve practice.
- Kevin Warsh’s confirmation hearing is set for April 21, yet Sen. Thom Tillis says he will block advancement until the Justice Department ends its investigation.
- Despite a judge quashing subpoenas tied to renovation cost overruns, DOJ is appealing and investigators tried to tour the site Tuesday before a Fed lawyer told them to leave.
- Legal experts note a president can remove a Fed official only for cause, so any attempt to fire Powell could trigger a court fight and raise fresh concerns about the central bank’s independence.