President Donald Trump on Wednesday blasted Federal Reserve Chairman Jerome Powell, threatening to fire him for his alleged “incompetence” if he fails to leave his position.
Trump nominated Kevin Warsh, a former Federal Reserve governor, to succeed Powell as chairman when his term ends in May.
The move came at a turbulent time for the agency, amid the Justice Department’s criminal investigation into Powell.
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President Donald Trump and Federal Reserve Chairman Jerome Powell. (Getty Images/Photo-Illustration / Getty Images)
The investigation angered some, including outgoing Republican Senator Thom Tillis of North Carolina, who promised to “oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ investigation into Chairman Powell is fully and transparently resolved.”
Trump touched on this topic when asked whether he planned to advise U.S. Attorney for the District of Columbia Jeanine Pirro to end the investigation.
“[This is a] “To build a building that I would have done for $25 million might cost $4 billion,” Trump said.
“Don’t you think we should find out what happened there?”
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The Marriner S. Eccles Federal Reserve Building in Washington, DC, on Tuesday, June 25, 2024. (Ting Shen/Bloomberg via Getty Images/Getty Images)
He also spoke about Tillis when asked if he believed Warsh would be confirmed.
‘We’ll have to find out [if he will be confirmed]. Maybe not, but that’s why Thom Tillis is no longer a senator,” he said, referring to Tillis’ decision not to seek re-election in 2026.
He then called Tillis a “good man” who he did not believe would deliberately “hurt” Warsh’s chances.
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Sen. Tim Scott, R-S.C., joins “Mornings with Maria” to discuss delays in Kevin Warsh’s Federal Reserve confirmation hearing, Jerome Powell’s future and the fight to pass the CLARITY Act.
“He’s on his way out…and I don’t think he wants the legacy of holding back a great person who could be great…I know he said what he said, and maybe it’s true, in which case I’ll have to live with it…”
Trump too Powell criticized on a range of other issues, including his handling of interest rates, and reiterated the need for interest rates to be cut now.
Amanda Macias of Fox Business contributed to this report.
