Why Trump wants to fire Jerome Powell — and what’s stopping it from happening

TLDR:

• President Trump says he will fire Federal Reserve Chairman Jerome Powell if Mr. Powell doesn’t leave after his term expires May 15
• Trump admits he has wanted to fire Powell for some time but held back — that restraint is now over
• Powell has said federal law allows him to stay on in an interim role until his replacement is confirmed
• A criminal probe into the Fed’s billion-dollar headquarters renovation is complicating Powell’s exit and stalling his successor’s confirmation

President Trump wants Jerome Powell gone — and he’s finally saying so out loud.

In a Wednesday interview with Fox Business host Maria Bartiromo, Mr. Trump made clear he is prepared to fire the Federal Reserve chairman if Mr. Powell doesn’t leave when his term expires May 15.

“I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial. I want to be uncontroversial,” Mr. Trump said — then added: “Then I’ll have to fire him.”

Mr. Trump’s frustration centers on the Fed’s billion-dollar renovation of its Washington headquarters, which he has called incompetent and likely corrupt. A criminal investigation into Mr. Powell’s congressional testimony about that renovation has tangled up the exit. Sen. Thom Tillis, a North Carolina Republican on the Senate Banking Committee, has vowed to block former Fed Governor Kevin Warsh — Mr. Trump’s nominee to replace Mr. Powell — until the probe concludes. A confirmation hearing is set for Tuesday.

Mr. Powell isn’t moving. He has said he will remain until the investigation wraps up, and federal law permits him to stay on in an interim capacity if Mr. Warsh isn’t confirmed in time.

Mr. Trump said he hopes the committee acts next week — but acknowledged Mr. Tillis may keep his word.

Read more:

• Trump vows to fire Powell from the Fed if he stays on past end of his chairman’s term