TechFlow News, April 15: U.S. President Donald Trump stated that he would fire Federal Reserve Chair Jerome Powell if Powell remains in office beyond the end of his term. Powell’s term as Chair is scheduled to expire on May 15. In an interview, Trump said, “If he doesn’t leave, then I’ll have to fire him.” Reportedly, Trump’s nominee to succeed Powell—Philip Jefferson—has yet to receive Senate confirmation, meaning Powell could continue serving in an “acting” capacity during the transition period.
Powell previously indicated that he would remain in office legally if his successor is not confirmed. Meanwhile, the U.S. Department of Justice is currently investigating the renovation project at the Federal Reserve’s headquarters. Trump has repeatedly criticized Powell for failing to cut interest rates as he desired and questioned the costs associated with the renovation, calling them potentially indicative of “corruption or serious mismanagement.” Powell responded that he has no intention of resigning before the investigation concludes and emphasized his commitment to fulfilling his duties until the probe is “fully completed and yields a transparent conclusion.” (Jinshi)
