Heads up! President Trump says he’s not planning to remove Jerome Powell from his post as Fed Chair—at least for now. He told reporters it’s “too early” to make any final moves, despite a criminal probe by the U.S. Department of Justice (DOJ). 🤔
On January 11, sources revealed that the DOJ opened a criminal investigation into a $2.5 billion renovation at the Federal Reserve’s Washington headquarters. Investigators are looking into whether Powell gave false testimony to Congress during a June 2025 hearing. The Fed has even been subpoenaed, with threats of criminal charges if documents aren’t handed over.
Powell himself has pushed back, calling the probe a “pretext”—a cover story to pressure him into cutting interest rates more aggressively. In plain terms, rate cuts can make loans cheaper, which can help startups, students with loans, and everyday borrowers around the world. 📈💸
Meanwhile, Trump is eyeing alternatives if he ever does decide to replace Powell. Two frontrunners are former Fed Governor Kevin Warsh and White House economist Kevin Hassett. Trump has ruled out Treasury Secretary Scott Bessent for the job. Remember: Powell’s chair term ends in May 2026, and he remains on the Fed board through 2028.
Why should young pros in South and Southeast Asia care? Fed decisions shape global borrowing costs—from your student loans to startup funding. Keeping an eye on these moves can give you a heads-up on the next big shift in the money world. 🌏💼
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Trump says he has no plans to dismiss Fed Chair Jerome Powell
cgtn.com
