ToplinePresident Donald Trump said Wednesday he’d “have to fire” Federal Reserve Chair Jerome Powell if he doesn’t leave his post amid the president’s investigation into him, arguing he’d already “held back” by not terminating the Fed chair—though it’s unlikely he actually can without showing cause. President Donald Trump and Federal Reserve Chair Jerome Powell tour the Federal Reserve’s headquarters renovation project on July 24, 2025 in Washington, DC.Getty ImagesKey FactsIn an interview with Fox Business, Trump doubled down on the Justice Department’s investigation into the Federal Reserve’s headquarters renovation, despite a recent court ruling that the probe is politically motivated because Powell won’t lower interest rates as Trump wants.Though his term is set to expire next month, Powell said in March he has “no intention” of leaving the Fed while the investigation remains ongoing, and Sen. Thom Tillis, R-N.C., has said he will not vote to confirm a successor to Powell until the probe is over.Trump told host Maria Bartiromo that if Powell doesn’t step down willingly, “I’ll have to fire him,” calling the Fed chair a “disaster” and claiming he’d previously “held back” by keeping Powell in his job despite repeated threats to fire him because he “hate[s] being controversial.”Trump can legally only fire Powell for “cause,” meaning due to some kind of gross misconduct in his job as Fed chair, so Powell could sue Trump if the president tries to terminate him.Trump also brushed off the concerns that Tillis could refuse to confirm Kevin Warsh, whom Trump has nominated to succeed Powell, claiming the senator “doesn’t want the legacy of stopping … a person that could be great.”The president insisted the investigation into the Federal Reserve had to continue, pointing to the ballooning costs in the renovation of the Fed’s headquarters and arguing he has “to find out” whether the issues with the construction are due to “incompetence, corruption or both.”What To Watch ForWarsh is set to have his confirmation hearing before the Senate Banking Committee next week, though it remains to be seen whether he’ll be confirmed. Tillis has the potential to tank Warsh’s nomination or keep it on hold because of Republicans’ narrow majority in the committee, and his office has not yet responded to a request for comment on whether he’ll ultimately vote to confirm the Fed nominee as Trump claimed Wednesday. Powell’s term formally expires on May 15, and the Fed chair has indicated he’ll stay in his role if Warsh isn’t confirmed by that date. It remains unclear what will happen if Warsh is confirmed amid the DOJ probe, but even if Powell does depart as Fed chair, he’s still eligible to continue serving on the Federal Reserve’s Board of Governors until 2028, which would likely still draw Trump’s ire.Why Is Trump’s Doj Investigating Jerome Powell?The Trump administration claims it’s investigating Powell and the Federal Reserve because of the headquarter renovations, which has garnered criticism from Republicans by going significantly over budget and taking longer than expected. Powell told Congress in June the agency scaled down its renovation plans, removing plans for features like a roof terrace garden and water features. The Trump administration has opposed those changes, arguing any changes to the approved renovation plans could be a violation of the National Capital Planning Act, which requires approval for any changes to federal buildings, and only allows minor changes that deviate from what was approved. The Federal Reserve denied the changes are unlawful, pointing to the Federal Reserve Act, which gives the Fed broad autonomy over the agency’s own buildings and states the Fed’s board can “take all such steps as it may deem necessary or appropriate in connection with the construction, equipment, and furnishing” of its buildings. The entire premise for the investigation has been disputed in court, however, as Judge James Boasberg ruled in March that the investigation appeared to be a pretext for Trump to punish Powell for not lowering interest rates. The judge killed the government’s subpoenas to Powell and wrote there was “abundant evidence” the subpoenas were brought in order “to harass and pressure Powell either to yield to the President or to resign.”TangentTrump’s comments doubling down on the investigation into the Fed came hours after The Wall Street Journal first reported that DOJ investigators had showed up at the construction site for the Fed’s headquarters, signaling the probe into Powell and the renovations are still moving forward. The investigators reportedly made a “surprise visit” Tuesday to the construction site, where they were turned away for not having the proper clearance to be at the site. In a letter to U.S. Attorney Jeanine Pirro, Fed counsel Robert Hur objected to the visit and argued it was “not appropriate” for the government to try and “circumvent” Boasberg’s ruling by moving forward with the investigation. Pirro defended the visit in a statement to the Journal, saying, “Any construction project that has cost overruns of almost 80 percent over the original construction budget deserves some serious review.”Key BackgroundTrump has repeatedly threatened to fire Powell throughout his second term in the White House, as the president has complained about Powell not lowering interest rates as he wants. The Fed has carried out rate cuts since Trump’s second inauguration, but has not lowered them as much as Trump has wanted, keeping the president angry at the Fed chair. Reports first emerged in January that Trump’s DOJ had opened a criminal investigation into Powell and issued subpoenas to the Fed, and the Fed chair blasted the investigation as being politically motivated, saying in a statement the “threat of criminal charges is a consequence of the Federal Reserve setting interest rather than following the preferences of the President.” While Trump never moved forward with firing Powell, the president did try to terminate Fed Governor Lisa Cook, claiming she deserved to be fired because of alleged issues with her mortgage. Cook has so far remained in her position after multiple courts blocked her firing, and the Supreme Court is now deliberating on whether to allow her termination. Further ReadingForbesTrump Can’t Subpoena Fed’s Powell, Judge Rules—Says President Just Trying To ‘Harass’ Fed ChairBy Alison DurkeeForbesWhy The Trump Administration’s Investigation Against Jerome Powell May Not SucceedBy Alison DurkeeForbesKevin Warsh Could Become Richest Fed Chair Ever—Discloses Assets Worth Over $100 MillionBy Ty Roush