At the heart of President Trump’s threat to fire Jerome Powell lies an unsettled legal question: When the Fed chair’s term expires without a confirmed successor, who gets to decide what happens next?
This week, the administration signaled that if no successor is confirmed by May 15, Powell shouldn’t continue as chair. Treasury Secretary Scott Bessent said Tuesday that several people—not just Powell—could serve as the Federal Reserve’s interim leader, naming Vice Chair Philip Jefferson and governor Christopher Waller as alternatives.
Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
