On April 15, 2026, US President Donald Trump officially announced his intention to remove Federal Reserve Chair Jerome Powell from office. The president plans to carry out a forced dismissal if the current central bank’s head refuses to step down voluntarily after a new chair is appointed.

In an interview with Fox Business Network, Trump said he is confident his nominee for the central bank’s leader will be confirmed as early as next week. The president has launched a review of Powell’s actions intended to establish professional incompetence and to detail the causes of recent negative developments in the financial sector. The White House links changes in the Federal Reserve Board directly to the need for an urgent correction of the country’s economic course and the restoration of confidence in financial institutions.

Trump explicitly demanded an immediate easing of interest rates once the new Fed chair takes office. He expects the incoming chair to pursue a more accommodative monetary policy to support domestic business and encourage consumer demand. The current inquiry into the Federal Reserve is meant to document regulatory failings and provide legal grounds for the reshuffling of the Board of Governors. The president’s ultimatum that Powell must quit underscores Washington’s intent to exert tight control over US borrowing costs.