Trump threatens to oust Powell, backs Warsh for Fed role

US President Donald Trump stepped up pressure on the Federal Reserve on Wednesday, threatening to remove Chair Jerome Powell if he does not step down voluntarily.

In an interview with Fox Business, Trump said Powell’s continued tenure was an obstacle to his economic vision, adding that ongoing investigations into the central bank aim to expose what he described as inefficiency in monetary policy management.

Trump expressed strong support for his nominee to lead the Fed, Kevin Warsh, saying he expects Senate confirmation as early as next week. He added that Warsh’s appointment would pave the way for a meaningful reduction in interest rates.

Trump also highlighted the role of technology in banking, saying artificial intelligence could drive the sector toward what he described as unprecedented achievements.