Kevin Warsh, former governor of the US Federal Reserve, during the SEMAFOR World Economic Summit held in Washington, DC, USA on Thursday, April 18th, 2024.
Samuel Column | Bloomberg | Getty Images
President Donald Trump spoke with former Federal Reserve Governor Kevin Wausch about the possibility of replacing current central bank chairman Jerome Powell before his term expires. Wall Street Journal Reported on Thursday.
But Warsh advised Trump not to fire Powell or interfere with his tenure, the Journal reported, citing people familiar with the matter. Powell’s four-year term is expected to end in May 2026.
Trump spoke with Warsch at a meeting at the Florida president’s home and private club Mar Arago, the newspaper reported. The report says those conversations took place late in February, but other conversations recently spoke with Trump about firing Powell in early March.
Trump repeatedly urged Powell to lower interest rates and criticized him for refusing to do so. in True Social Post On Thursday morning, Trump said Powell’s “end can’t come quickly enough!”
Later that day, in an oval office, Trump put more pressure on the Fed chairs.
“I’m not happy with him. I’ll let him know and if I want to get him out, he’ll get there really quickly, trust me,” Trump said.
Requested for comment on the Journal report, the White House introduced CNBC to Trump’s remarks in an oval shape.
Powell previously said the president has no power to fire him under the law.
Trump’s attacks raised concerns even from some Powell critics, including Sen. Elizabeth Warren (D-Mass.).
