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On April 15, President Donald Trump again threatened to fire Federal Reserve Chair Jerome Powell and said the investigation into the Fed building renovation should continue. In an interview with Fox Business, Trump said that if Powell remains in his role after a successor is confirmed, he would fire him.
“Then I will have to fire him,” Trump said. “If he does not leave on schedule. I have restrained myself from firing him. I wanted to do it, but I don’t like controversy. I want to avoid controversy.”
Powell’s term as Fed chair will end on May 15, and Trump has nominated former Fed Governor Kevin Warsh as his successor. Although Powell’s chair term is ending, he still has two years left as a governor.
Trump’s comments underscore uncertainty about whether Powell will step down promptly after being replaced. The article notes that while most past Fed chairs have stepped down from the central bank after being replaced, Powell has not provided a clear answer about his plans.
The article links the difficulty of Powell stepping down to an ongoing investigation into the Fed building renovation. U.S. federal prosecutor for the District of Columbia, Jeanine Pirro, sought to compel Powell to provide information related to the project, but a judge denied the request.
Senator Thom Tillis (Republican, North Carolina) said he would block the Warsh nomination until the investigation ends. Powell, according to the article, said he would continue to serve as Fed chair until the investigation finishes and the successor is confirmed.
Trump said the investigation must continue, characterizing the renovation work as either corruption or incompetence. “What they did there was perhaps corruption, but essentially it was incompetence, and we must expose that incompetence,” he said.
The article also notes that last year Trump attempted to fire Governor Lisa Cook after allegations related to mortgage misconduct, but has so far not succeeded. That matter has been brought before the U.S. Supreme Court and is awaiting a ruling.
In addition, Trump repeated calls to cut rates and said he trusts Kevin Warsh to carry that out.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…