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Trump Threatens to Fire Fed Chair Powell Amid Rate Dispute

4/15/2026

29 4 Full Breakdown

Summary

Story summary

U.S. President Donald Trump threatened to fire Federal Reserve Chair Jerome Powell if he does not resign by May 15.
Trump criticized Powell for not cutting rates aggressively.
Powell said he will remain in his position until a successor is confirmed.
Trump's nominee Kevin Warsh faces confirmation delays due to the investigation into a $2.5 billion Fed renovation.
Senator Thom Tillis vows to block Fed nominations until the investigation concludes.

History

Historical Context

The Federal Reserve Reform Act of 1977 established the dual mandate for the Federal Reserve, focusing on maximum employment and stable prices. This act enhanced the Fed's independence, requiring it to report to Congress and ensuring accountability. Historical tensions between the presidency and the Fed, particularly evident in recent threats against Jerome Powell, highlight ongoing challenges to the Fed's autonomy in monetary policy.

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Story summary

U.S. President Donald Trump threatened to fire Federal Reserve Chair Jerome Powell if he does not resign by May 15.
Trump criticized Powell for not cutting rates aggressively.
Powell said he will remain in his position until a successor is confirmed.
Trump's nominee Kevin Warsh faces confirmation delays due to the investigation into a $2.5 billion Fed renovation.
Senator Thom Tillis vows to block Fed nominations until the investigation concludes.

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