Story perspectives

Trump's Push to Oust Fed Chair Powell Stalled by Investigation

3/20/2026

Summary

Story summary

U.S. President Donald Trump has sought to remove Federal Reserve Chair Jerome Powell.
An ongoing Justice Department investigation may extend Powell's tenure beyond his term ending on May 15.
Powell said he would remain until the investigation concludes, defending the Federal Reserve's independence.
Trump's nomination of Kevin Warsh to succeed Powell is stalled by the probe, with Senator Thom Tillis blocking Federal Reserve nominees until it is resolved.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System to stabilize the U.S. economy following the Panic of 1907. This act granted the Fed independence in monetary policy, a principle currently defended by Chair Jerome Powell amid tensions with President Trump. Ongoing debates about the Fed's role reflect historical conflicts over monetary policy and its impact on economic stability.

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Story summary

U.S. President Donald Trump has sought to remove Federal Reserve Chair Jerome Powell.
An ongoing Justice Department investigation may extend Powell's tenure beyond his term ending on May 15.
Powell said he would remain until the investigation concludes, defending the Federal Reserve's independence.
Trump's nomination of Kevin Warsh to succeed Powell is stalled by the probe, with Senator Thom Tillis blocking Federal Reserve nominees until it is resolved.

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