President Donald Trump is threatening to fire Jerome Powell if he refuses to resign his governorship position when his tenure as chair of the Federal Reserve Board ends May 15.
A decision by Powell to remain on the board of governors would be almost without precedent. However, he has vowed to not depart the Fed until an ongoing Department of Justice investigation into testimony he delivered before the Senate Banking Committee last summer, related to renovation costs of the Fed’s headquarters, has been resolved.
Powell’s term as governor expires in 2028 and includes a voting position on the Federal Open Market Committee (FOMC) that sets interest rate policy.
Lawmakers from both parties on the Senate Banking Committee have said no crime was ...