Trump says he has no plans to dismiss Fed Chair Jerome Powell

U.S. President Donald Trump said that while the U.S. Department of Justice (DOJ) is conducting a criminal investigation into Federal Reserve Chairman Jerome Powell, he currently has no plans to remove Powell from office. However, Trump indicated it is "too early" to determine what final actions will be taken.

"I don't have any plan to do that," Trump said in an interview when asked if he would attempt to remove Powell from his job.

Asked whether the investigation gave him grounds to do so, Trump added: "Right now, we're (in) a little bit of a holding pattern with him, and we're going to determine what to do. But I can't get into it. It's too soon. Too early."

Trump also said he is inclined to nominate either former Federal Reserve Governor Kevin Warsh or White House National Economic Council Director Kevin Hassett as a potential successor. Meanwhile, he ruled out U.S. Treasury Secretary Scott Bessent as a candidate for the position.

Powell's term as Federal Reserve chair is set to expire in May 2026, while his term as a member of the Federal Reserve Board runs through 2028.

On January 11, sources familiar with the matter said the U.S. Attorney's Office for the District of Columbia had launched a criminal investigation into a $2.5 billion renovation project at the Federal Reserve's Washington headquarters. The probe is also examining whether Powell provided false testimony to Congress regarding the project during a hearing in June 2025.

Powell recently confirmed that the DOJ had issued a subpoena to the Federal Reserve and threatened potential criminal charges. He described the investigation as a "pretext," saying the U.S. government was seeking to exert additional pressure on him over interest rate cuts.

(With input from agencies)