President Donald Trump has renewed pressure on Federal Reserve Chair Jerome Powell, with the US leader threatening to fire the central bank chief if he stays beyond his mandate.
Powell's term at the helm of the Fed expires on May 15, although he can remain in his role as chairman if no successor has been confirmed.
The central banker said last month that he would not leave his post as a Fed governor until a Justice Department (DOJ) investigation involving him is "well and truly over, with transparency and finality."
While it is rare for a former Fed chair to remain on the board after stepping down as chief, Powell's term as governor does not end until 2028.
"I'll have to fire him," Trump told Fox Business, if Powell "is not leaving on time." The president added: "I've wanted to fire him."
Trump repeatedly lashed out at Powell over the past year for not cutting interest rates more aggressively.
The administration has also taken aim at the independent Fed by initiating an investigation into Powell over renovation cost overruns and seeking to oust governor Lisa Cook.
Regarding the DOJ probe, Trump said: "I'm not playing. I have to find out."
Trump named former central banker Kevin Warsh to succeed Powell, but the Senate must confirm him.
Warsh faces a hearing next Tuesday but remains at an impasse with lawmakers like Senator Thom Tillis, who vowed to hold up the nomination until the investigation is resolved.
However, Treasury Secretary Scott Bessent said he is "very optimistic" that Warsh will be chair on time.
David Wessel of the Brookings Institution noted it is "hard to figure out what rational motive" the administration has for prolonging the probe if it delays its own nominee.
Powell first took the helm of the Fed during Trump's first presidency in 2018 and was reappointed under Joe Biden in 2022.
