Federal Reserve Chair Jerome Powell is once again under pressure as President Donald Trump pushes to replace him — this time amid escalating trade tensions and sweeping new tariffs. On April 2, Trump announced a series of tariffs, including a 145% rate on Chinese imports, calling it a “declaration of economic independence.”
Powell warned the move could fuel inflation and slow growth, saying the economic impact may be “significantly larger than expected.” In response, Trump took to Truth Social, writing that Powell’s “termination cannot come fast enough.”
“The ECB is expected to cut interest rates for the 7th time, and yet, ‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump posted on April 17. “Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!”
Amid ongoing tensions with Trump, here’s what to know about who Powell is, how long his term lasts, and whether he’ll be able to finish it.
Who Is Jerome Powell?
Powell is the current Chair of the Federal Reserve, the central bank of the United States. He has held the position since February 2018 and was reappointed for a second term in 2022. A graduate of Princeton University and Georgetown University Law Center, Powell worked as an attorney for about five years before transitioning into investment banking.
Who Appointed Jerome Powell?
Powell was first appointed to the Federal Reserve Board of Governors by former President Barack Obama in 2012. He was later nominated as Fed Chair by Trump in 2017 and began serving in that role in 2018. In 2021, former President Joe Biden nominated him for a second term, which was confirmed by the Senate in 2022.
When Is Jerome Powell’s Term Up?
Powell’s current four-year term as Chair of the Federal Reserve is set to end on May 15, 2026. However, he will remain a member of the Federal Reserve Board of Governors until January 31, 2028, unless he resigns or is removed for cause.
Can Trump Fire Powell?
Legally, the President cannot directly fire the Chair of the Federal Reserve without cause. The Fed was created to operate independently of the White House, shielding monetary policy from political influence. While Trump has openly criticized Powell and signaled a desire to replace him, the Chair can only be removed “for cause,” which refers to serious misconduct or legal violations, not policy disagreements.
Powell has also maintained that the president lacks the authority to remove him, stating that such action is “not permitted under the law.”
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