The president of the Fed, Jerome Powell, could be the protagonist of a story that Donald Trump wouldn’t like: by trying to push Powell out of the Federal Reserve, the president risks extending his career as a central banker. Powell’s term is coming to an end, but the arrival of his White House-appointed successor is facing obstacles.
Powell is set to preside over his final meeting on U.S. interest rates in a month, on April 28-29, before his term ends in May. He was initially appointed by Trump and later renewed by Biden. Since returning to power in January 2025, Trump has relentlessly criticized Powell, attempting to oust him without success.
Trump, advocating for lower interest rates, has tried various means to remove Powell, who has refused to resign. The current situation at the top of the world’s leading central bank is far from ordinary.
The Senate holds the power to confirm Trump’s nominee to replace Powell, Kevin Warsh, but the process is being blocked by a Republican senator, Thom Tillis. Tillis has vowed to stall the confirmation until the legal proceedings against Powell are resolved. If Warsh is not confirmed, Powell can remain as president, and there is a possibility that he may choose to stay on as a governor even after a successor takes over.
The unique circumstances surrounding Powell’s potential departure have raised concerns within the U.S. executive branch, fearing that he may cling to his position to prevent Trump from inserting a loyalist. Powell has stated that he will not leave the Fed until the legal proceedings are conclusively resolved.
