Name: Trump’s Fed Fight
Uploaded: 2026-04-19T14:01:00Z
Duration: 6 min 10 s
Description: Journal Editorial Report: The President renews his threat to fire Jerome Powell as the Kevin Warsh hearing looms.

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Journal Editorial Report: The President renews his threat to fire Jerome Powell as the Kevin Warsh hearing looms. Photo: Chip Somodevilla/Getty Images/Brendan Mcdermid/Reuters

https://m.wsj.net/video/20260417/6f5e2cf3-8ff2-46de-8045-4de5bb450b22/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: The President renews his threat to fire Jerome Powell as the Kevin Warsh hearing looms.

Trump’s Fed Fight

With confirmation hearings for Federal Reserve nominee, Kevin Warsh, set for Tuesday, President Trump this week renewed his threat to fire the Central Bank's current chair, Jerome Powell, telling Fox Business that the Justice Department's criminal probe into renovations at the Fed's headquarters needs to continue and that he'll remove Powell if he doesn't leave when his term as chair ends on May 15th.

Whether it's incompetence, corruption, or both, I think you have to find out. I really do. I think you have to find out.

So you're not gonna drop the probe?

Oh, I'm not playing. I have to find out.

And he said he's not leaving if, you know,

Well, then I'll have to fire him, okay. If he's not leaving on time, I've held back firing him, I've wanted to fire him, but I hate to be controversial.

We are back with our panel. So, Kyle, that controversial point is interesting, but why is the president continuing this fight with Jerome Powell when Powell's term ends in mid-May and he's not be chairman anymore?

My best answer is that President Trump doesn't want to ever give an inch. He doesn't like to back down. But I think discretion would be the better part of valor here, you know. The Trump administration sometimes says its strategy is escalate to deescalate, and we are still waiting for the second part of that. But it's a real problem for him because Senator Thom Tillis has said he is not gonna vote to confirm a replacement for Powell until this probe goes away. And so, it seems like President Trump is working at cross purposes with what he actually wants, which is a different Fed chair by saying that he's not gonna drop the probe.

Well, Kim, does the president know something about Thom Tillis, the North Carolina senator, that the rest of us don't? Does he think he can pressure Tillis somehow? Now, Tillis isn't running for reelection. He's been perfectly willing to stand up to the president on all kinds of issues. He seems really determined on this one. Does a president think he can somehow change his mind?

Well, that would be a mystery how he's gonna do that, Paul. I mean, he said, "Well, you know, this is why Thom Tillis isn't a senator anymore." Well, he is, and he is through the rest of this year. And I think Donald Trump needs to decide, does he really wanna wait that long to get Kevin Warsh into office? Because Thom Tillis has made his demands incredibly clear here. He said, "Look, this probe needs to be resolved. It needs to go away because there isn't much of a basis for it. We all know, look, it was done to essentially pressure the Fed on interest rates." And he sits on the Senate Banking Committee. You cannot get Warsh through there without his vote. I mean, you could attempt to discharge him outta committee, but you'd essentially need Democratic help to do that. That's not coming. So he holds the key here. And the best thing Donald Trump can do is listen to what Thom Tillis is asking if he wants to have his own fed head in.

So what happens, Allysia, let's assume that the president keeps the probe going, let's assume that Tillis says, "I'm not voting for Kevin Warsh? Even though he thinks Kevin Warsh is great, I'm not voting for him without dropping this because of the independence of the Fed, and he wants to protect the institution." So what happens if Warsh is not confirmed on May 15th? Does Powell stay in the job or does the president fire him?

Well, I think J. Powell is inclined to stay in the job. He has said that, that he will not step down until the probe concludes. Now, if the president decides to go ahead and fire Mr. Powell, which I think would be a huge mistake, that sets up a big legal clash. Now, he could say that he has, quote unquote, "cause a fire him" because perhaps the Building renovation project demonstrates corruption or incompetence. Now, I think the Supreme Court or any judge will really raise an eyebrow out at that. You saw that when the president tried to fire Lisa Cook, the Biden appointee which,

A Fed governor.

A Fed governor, right. And appears that the Supreme Court is going to block that. Now alternatively, the president could claim that the statute that restricts the presidential power to fire fed governors or the chair is unconstitutional. And that would set up a much bigger legal brawl. And Supreme Court has also raised questions about that, or a kind of argument.

Well, and it's not gonna be solved next Thursday, you know, or within a couple of weeks. That would be litigated up to the Supreme Court, Kyle, which means that you'd have a fight over Powell's status going on well into, potentially into 2027. If the president, I mean, that's counterproductive to his stated purpose of getting rid of Jerome Powell.

Yes. And it's also a case that the Trump administration could lose. I mean, I think they're gonna win separate cases over the President's control of the executive branch, his ability to fire, you know, the head of the Federal Trade Commission, for example. But the Supreme Court to my eye, has tipped its hand here a little bit and said, you know, the Constitution gives Congress power over monetary policy. And while the Fed has some other functions, it looks to me like there are five votes to say that the Federal Reserve is in a different category from all these other executive agencies where the president really does have direct control.

Yeah. So Kim, Jeanine Pirro who is the US attorney in DC who brought that original subpoena, sent that original subpoena to the Fed, the Fed's subpoena is very general. It's almost a fishing expedition. There's not any evidence of any real corruption or wrongdoing. So could she presumably drop the probe and announce that?. But everybody tells me that she wants to be Attorney General, so she's doing what the president says. What do you think?

Yes. And well, and she's doing the opposite of sending indications that she's going to drop it. A judge quashed those subpoenas. She appealed that he just ruled against him. Again, she's indicated that she's now gonna appeal this up to the system. That's gonna take real time. The better course here is just to say, look, we did a probe, nothing there, we're moving on.