US President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he doesn't resign next month. Powell's term as chairman concludes on May 15, but his position as a Federal Reserve governor extends until January 2028.
Trump called Powell 'incompetent' and criticized the $3 billion budget overruns on the renovation of the Federal Reserve's Washington headquarters, attributing it to unexpected circumstances such as asbestos and toxic substances.
The Senate Banking Committee has scheduled a confirmation hearing for Trump's nominee, Kevin Warsh, on April 21, but a North Carolina Republican Senator has expressed reservations until the Department of Justice's investigation into Powell is completed.
Powell has stated that he has no intention of resigning until the investigation is over.
