President Donald Trump said he may move to remove Federal Reserve Chairman Jerome Powell if Powell does not step down when his term concludes, while also making clear that a federal investigation into Powell will continue, as reported [1] by The New York Post.
In an interview with Fox Business’ “Mornings with Maria,” scheduled to air on Wednesday, Trump discussed his stance on Powell’s future at the Federal Reserve and the ongoing scrutiny surrounding the central bank.
BREAKING: New legislation makes it easier for President Trump to fire Fed Chair Jerome Powell.
The TOO LATE Act adds more reasons, other than serious misconduct, for a president to be able to fire the Fed Chair.
“With this bill, we will restore proper oversight of the… pic.twitter.com/jvdDZ7muHg [2]
— Eric Daugherty (@EricLDaugh) August 15, 2025 [3]
“I’ll have to fire him, okay, if he’s not leaving on time. I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial,” Trump said.
“I want to be uncontroversial. But he will be fired.”
Powell’s current term as chairman is set to end in May. He has indicated that he may remain in a temporary role as “chairman pro tem” if a successor is not confirmed by May 15.
Powell has also stated that he plans to remain on the Federal Reserve Board while a Department of Justice investigation into the central bank’s renovation project continues. His term as a governor could extend through 2028.
Trump said the investigation will proceed regardless of Powell’s position.
“Whether it’s incompetence, corruption, or both, I think you have to find out. I really do. I think you have to find out,” Trump said, referring to the probe.
JUST IN: President Trump tells Maria Bartiromo that if Federal Reserve Chairman Jerome Powell doesn’t resign, he will fire him. pic.twitter.com/DMvZNRpvuB [4]
— Fox News (@FoxNews) April 15, 2026 [5]
The investigation has focused in part on cost overruns tied to a renovation of the Federal Reserve’s headquarters.
US Attorney Jeanine Pirro has indicated she plans to challenge a recent court decision that blocked subpoenas related to the case.
According to reports, prosecutors from Pirro’s office visited the construction site for the renovation project on Tuesday but were denied entry.
Staff members reportedly spoke with workers before being told that access required prior authorization and were given contact information for the Federal Reserve’s legal team.
In correspondence with Pirro’s office, attorney Robert Hur, who is representing the Federal Reserve, referenced court rulings that rejected the legality of two subpoenas issued in the case.
Pirro addressed the situation in a statement, saying, “Any construction project that has cost overruns of almost 80% over the original construction budget deserves some serious review. And these people are in charge of monetary policy in the United States?”
The developments come as Kevin Warsh, Trump’s choice to replace Powell, advances in the confirmation process.
Warsh has submitted financial disclosures and is scheduled for a nomination hearing on April 21, according to a source familiar with the matter.
Warsh, a former Federal Reserve governor who served from 2006 to 2011, is married to Jane Lauder, an Estee Lauder heiress. Financial filings indicate his assets range between $131 million and $209 million.
The disclosures also list income sources, including $10 million from work with Stanley Druckenmiller’s family office and $3 million from his position at Stanford University’s Hoover Institution.
Warsh has said he would resign from those roles and step down from board positions at UPS and Coupang if confirmed. He also pledged to divest approximately 1,800 assets listed in his filings.
Despite moving forward in the nomination process, Warsh faces opposition in the Senate. Sen. Thom Tillis of North Carolina, a member of the Senate Banking Committee, has stated he will block nominees to lead the Federal Reserve until the investigation into Powell is resolved.
Trump has previously criticized Powell’s approach to interest rates, calling for faster reductions.
Warsh has indicated support for lower rates but has been described as favoring tighter policy during his previous time on the Federal Reserve Board.
The situation sets up a potential legal and political confrontation over leadership at the Federal Reserve, the ongoing investigation, and the confirmation of a successor.