Jerome Powell’s days as Federal Reserve chairman are numbered.
That’s according to President Donald Trump, who spoke with Fox News’ Maria Bartiromo in an interview that aired Wednesday morning.
“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,” Trump said.
Powell’s tenure is up on May 15. Trump has picked Kevin Warsh to replace him on April 21 when a confirmation hearing will be held.
The ongoing federal investigation into Powell has complicated the matter.
Democrats and some Republicans have said the investigation is politically motivated.
Powell is currently being investigated over the central bank’s $2.5 billion renovation of its Washington, D.C., headquarters.
When the investigation started, Powell said in a video statement that it was “a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.”
Federal prosecutors on Tuesday arrived unannounced at the Federal Reserve headquarters to inspect the construction site, but were turned away, a source familiar with the matter confirmed to MS NOW.
Sen. Thom Tillis (R-N.C.) a member of the Senate Banking Committee who has criticized the probe, has vowed to block Warsh’s confirmation until the investigation is complete.
Powell has said he would remain as Fed chair “pro tem” if Warsh isn’t confirmed to the position by the Senate by May 15, in line with regulations.
Despite Tillis’ protests, Trump said he supported the investigation.
“Does that mean we stop a probe of a building that I would have done for $25 million that’s going to cost maybe $4 billion? Don’t you think we have to find out what happened there?” Trump said. “Whether it’s incompetence, corruption or both, I think you have to find out. … I have to find out.”
