Overview
- Trump told Fox Business on Wednesday that he would fire Jerome Powell if Powell remains after his chair term ends, a step legal experts say is constrained because Fed governors can be removed only for cause.
- Powell has said he will serve as acting chair if no successor is confirmed when his term ends on May 15, and he has vowed not to leave while the Justice Department’s investigation is still open.
- The Senate Banking Committee scheduled a hearing for nominee Kevin Warsh next week, yet a narrow Republican majority lets Sen. Thom Tillis hold up the pick as he withholds his committee vote until the probe concludes.
- The investigation, led by U.S. Attorney Jeanine Pirro into cost overruns at the Fed’s headquarters renovation, was curbed when Judge James Boasberg quashed her subpoenas, and Pirro says she will appeal.
- Warsh’s filings show extensive wealth and board roles, and he pledged to recuse from matters tied to Estée Lauder, to divest many holdings within 90 days of confirmation, and to resign from posts at UPS, Coupang, and Stanford.