President Donald Trump has escalated his pressure on Federal Reserve Chair Jerome Powell, threatening to dismiss him if he does not resign by mid-May when his term ends. Trump has been vocal about his dissatisfaction with Powell's reluctance to implement more aggressive interest rate cuts. In an interview with Fox Business, Trump stated, 'I'll have to fire him' if Powell does not leave on time. The Trump administration has also initiated investigations into Powell regarding alleged renovation cost overruns at the Fed, further complicating his position. Trump's nominee to succeed Powell, Kevin Warsh, is set to face a Senate confirmation hearing next week, but his nomination is facing hurdles due to concerns that the ongoing Department of Justice investigation into Powell is a form of political pressure. Senator Thom Tillis, a Republican member of the Senate Banking Committee, has indicated he will stall Warsh's nomination until the investigation is resolved. Powell, who has served as Fed chair since 2018 and was reappointed by President Joe Biden in 2022, may legally remain in his position until Warsh's confirmation is finalized.