President Donald Trump unloaded on Federal Reserve Chairman Jerome Powell on Wednesday, threatening to fire him over his alleged “incompetence” if he fails to leave his position.
“I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial, you know?” the president told FOX Business’ Maria Bartiromo in an exclusive interview.
Trump nominated Kevin Warsh, a former governor of the Federal Reserve, to succeed Powell as chair when his term expires in May.
The move came at a turbulent moment for the agency, amid the Justice Department’s criminal probe into Powell.
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The investigation drew ire among some, including outgoing Republican North Carolina Sen. Thom Tillis, who pledged to “oppose the confirmation of any Federal Reserve nominee, including for the position of chairman, until the DOJ’s inquiry into Chairman Powell is fully and transparently resolved.”
Trump touched on that topic when asked whether he planned to advise U.S. Attorney for the District of Columbia Jeanine Pirro to end the probe.
“[This is a] building that I would have done for $25 million that’s going to cost maybe $4 billion,” Trump said.
“Don’t you think we have to find out what happened there?”
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He also touched on Tillis when asked if he believed Warsh would be confirmed.
“We’re going to have to find out [if he will be confirmed]. He might not, but that’s why Thom Tillis is no longer a senator,” he said, referring to Tillis’ decision not to seek reelection in 2026.
He proceeded to call Tillis a “good man” who he didn’t believe would intentionally “hurt” Warsh’s chances.
“He’s on his way out… and I think he doesn’t want the legacy of stopping 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 also criticized Powell over a range of other issues, including his handling of interest rates, reiterating his insistence that rates should be lowered by now.
Fox Business’ Amanda Macias contributed to this report.
