Trump Says to Reuters He Has No Intention of Dismissing Powell Amid Investigation

Trump States No Immediate Plans to Remove Fed Chair Powell

Photographer: Jamie Kelter Davis/Bloomberg

(Bloomberg) President Donald Trump has clarified that he currently does not intend to dismiss Federal Reserve Chair Jerome Powell, even as the Justice Department investigates the central bank’s renovation project.

“That’s not something I’m considering,” Trump told Reuters during an interview on Wednesday.

Top Stories from Bloomberg

Despite the ongoing investigation, Trump mentioned that it is premature to determine whether the probe could eventually justify removing Powell, stating, “It’s too soon to make that call.”

“At the moment, we’re waiting to see how things develop with him, and we’ll decide on our next steps. I can’t discuss it further,” he added.

According to federal regulations, members of the Federal Reserve Board can only be dismissed for specific reasons, not simply due to disagreements over policy.

Trump also dismissed concerns from Republican lawmakers who have criticized the investigation, suggesting it might be an effort to sway interest rate decisions.

“It doesn’t bother me,” Trump remarked. “There’s nothing more to add. Loyalty is what matters most, in my view.”

On Tuesday, the president reaffirmed his intention to move forward with nominating a successor for Powell “within the next few weeks,” even as Senator Thom Tillis, a retiring Republican from North Carolina on the Senate Banking Committee, has threatened to block any Fed nominations until the investigation concludes.

During his conversation with Reuters, Trump spoke highly of two potential candidates: Kevin Hassett, the White House’s chief economic adviser, and former Fed Governor Kevin Warsh.

“Both Kevins are excellent choices,” Trump commented. “There are other strong contenders as well, and I’ll make an announcement in the coming weeks.”

Powell revealed on Sunday that the Justice Department had issued grand jury subpoenas to the Fed as part of the investigation into the renovation and his congressional testimony on the matter.

This inquiry represents a significant intensification of the Trump administration’s scrutiny of the Federal Reserve and has sparked fresh debate about the central bank’s autonomy. Trump has previously considered removing Powell before his term ends in May and is now evaluating candidates for the role.

In a statement released Sunday, Powell described the renovation probe as a pretext for broader political pressure regarding monetary policy.

“The real issue is whether the Fed will continue to set interest rates based on data and economic analysis, or if political influence and intimidation will take precedence,” Powell stated.

Additional Reporting

Reporting assistance by Josh Wingrove.

Most Popular from Bloomberg Businessweek

©2026 Bloomberg L.P.