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Trump May Remove Federal Reserve Chair Powell
Trump has said he may fire Federal Reserve Chair Jerome Powell. Powell's term as chair ends in May.
Powell said he would stay on as a temporary chair. This would be if his replacement is not confirmed by May 15.
Trump said he had not fired Powell until now. Federal prosecutors visited a Federal Reserve building this week.
They are looking into a $2.5 billion renovation project there. The White House wants Trump's pick Kevin Warsh to lead the Federal Reserve.
Klear Note — The Federal Reserve controls US interest rates and money supply. The chair is a powerful position affecting the whole economy.
Key Terms 4
- Federal Reserve
- The US central bank that controls interest rates and money supply
- federal prosecutors
- Government lawyers who investigate and bring criminal cases
- confirmed
- Approved by the Senate to take a government job
- renovation
- Major repairs and upgrades to a building