Justice Department probe of Powell could backfire on Trump and keep Fed chair in office

By — Christopher Rugaber, Associated Press Christopher Rugaber, Associated Press Leave your feedback Share Copy URL Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Justice Department probe of Powell could backfire on Trump and keep Fed chair in office Politics Mar 19, 2026 5:31 PM EDT WASHINGTON — President Donald Trump has for months wanted to remove Jerome Powell as chair of the Federal Reserve. But instead, an investigation by one of his own officials could end up extending Powell's time at the top of the central bank even after his term formally ends May 15. WATCH: Fed Chair Powell holds news briefing after interest rate left unchanged Trump has nominated former Fed official Kevin Warsh to succeed Powell. Yet Warsh's confirmation has been delayed by a Justice Department investigation into brief comments Powell made before the Senate Banking Committee last June about the Fed's building renovation. Sen. Thom Tillis, a North Carolina Republican, has said he won't vote to confirm any Fed nominees until the investigation is dropped. With all Democrats on the committee also opposed to moving forward, Tillis' stance has effectively blocked the committee from advancing Warsh's nomination. Educate your inbox Subscribe to Here’s the Deal, our politics newsletter for analysis you won’t find anywhere else. Enter your email address Subscribe Form error message goes here. Thank you. Please check your inbox to confirm. On Wednesday, Powell said he would remain as chair of the Fed's interest rate-setting committee after his term ends if no successor has been confirmed. And he said he could stay even longer if the investigation continues. "I have no intention of leaving the board until the investigation is well and truly over, with transparency and finality," Powell told reporters. In addition to his term as chair, Powell is a member of the Fed's seven-person governing board until January 2028. Chairs typically step off the board completely wh...