Trump Threatens to Fire Fed Chair Powell

Ongoing probe clouds Warsh confirmation as tensions escalate at the central bank

Apr. 15, 2026 at 4:55pm

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A fragmented, abstract painting in shades of green and gray, depicting a U.S. dollar bill broken into overlapping, geometric shapes, conveying a sense of instability and turbulence in the financial system.The White House's threat to fire the Fed chair exposes a deepening power struggle that could undermine the central bank's independence.Washington Today

President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell from his separate seat on the U.S. central bank's Board of Governors if Powell does not vacate that post as well when his term as Fed chief ends on May 15. This intensifies a complicated standoff that has upended the Fed's usually stable leadership.

Why it matters

The threat against Powell comes as the White House is also facing an ongoing probe into the nomination of former Fed governor Kevin Warsh, further clouding the leadership transition at the central bank. This power struggle raises concerns about the Fed's independence and the potential for political interference in monetary policy decisions.

The details

Trump has repeatedly criticized Powell's leadership of the Fed and his interest rate hikes. The president now says he will fire Powell from the Board of Governors if he does not voluntarily step down when his term as chair expires in mid-May. This would be an unprecedented move, as Fed chairs typically continue to serve out their terms on the Board even after their chairmanship ends.

  • On Wednesday, April 15, 2026, President Trump threatened to fire Fed Chair Powell.
  • Powell's term as Fed chair is set to expire on May 15, 2026.

The players

Donald Trump

The President of the United States who has repeatedly criticized the Federal Reserve's policies under Chair Jerome Powell.

Jerome Powell

The current Chair of the Federal Reserve whose term is set to expire on May 15, 2026.

Kevin Warsh

A former Federal Reserve governor whose nomination to return to the central bank is facing an ongoing probe, further complicating the leadership transition.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

What’s next

The White House has not provided a timeline for when a decision will be made on Warsh's nomination, adding to the uncertainty around the Fed's future leadership.

The takeaway

This power struggle at the top of the Federal Reserve raises serious concerns about the central bank's independence and the potential for political interference in monetary policy decisions, which could have far-reaching economic consequences.