On the 15th, U.S. President Trump said in a media interview that if Federal Reserve Chairman Jerome Powell does not step down after his term ends in May this year, he would "have to" remove Powell from his position.
He also hinted that the federal government would continue to investigate the cost overruns in the Fed building renovation.
Powell's term as Fed Chairman will expire on May 15, but his term as a member of the Fed Board of Governors will last until the end of January 2028. However, it is quite rare for a former Fed Chair to remain on the Board after stepping down.
At a routine Fed press conference on March 18, Powell said that prior to the conclusion of the Justice Department’s investigation into the Fed in a transparent manner, he had no intention of resigning from his post as a Fed Governor.
He said that if the nomination for a new Fed Chair is not confirmed by the Senate in time, he would, according to the rules, serve as Acting Chair until the new Chair’s nomination is confirmed.