President Trump said he will fire Federal Reserve Chairman Jerome Powell if he does not leave the central bank after his successor is installed.
When asked by Fox Business host Maria Bartiromo on Wednesday about Mr. Powell staying past his term, which expires May 15, the president said, “Then I’ll have to fire him.”
“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. I want to be uncontroversial,” the president said.
Mr. Trump has nominated former Fed Governor Kevin Warsh as his replacement, but he has yet to be confirmed — leaving the opportunity for Mr. Powell to prolong his tenure as chair “pro tempore.”
At a March press conference, Mr. Powell said that if the Senate had not confirmed Mr. Warsh by May 15, Mr. Powell would stay in the interim.
“That’s what the law calls for. That’s what we’ve done on several occasions,” he said.
SEE ALSO: Fed nominee Kevin Warsh’s disclosed wealth surpasses $100 million
A criminal investigation into the Fed chair regarding his testimony to Congress about the renovation of the central bank’s headquarters could also prove to be an issue in his departure.
Sen. Thom Tillis, North Carolina Republican and a member of the Senate Banking Committee that votes on central bank nominees, has vowed to block Mr. Warsh’s nomination until the probe is concluded. The committee has scheduled a confirmation hearing for Tuesday.
The president, who has aired out his grievances against the Fed chair since he returned to White House, has repeatedly criticized the Fed’s billion-dollar renovation of its Washington headquarters.
While Mr. Trump said Wednesday he was hopeful that the committee would confirm Mr. Warsh next week, he acknowledged that Mr. Tillis may very well keep his promise and prevent his confirmation.
Mr. Trump said the investigation into the renovation must continue.
“What they’ve done to that so it is probably corrupt, but what it really is is incompetent, and we have to show the incompetence of that,” he said.
Last month, Mr. Powell said that he would not step down as chair as long as the Justice Department’s investigation is ongoing.
“I have no intention of leaving the Board until the investigation is well and truly over with transparency and finality,” he said.
Although his time is nearly up, Mr. Powell has two more years in his term as governor. He has not addressed his plans about whether he would continue to serve until his governorship ends in January 2028.
