Powell Vows 'Never Leave Fed Voluntarily' Despite Trump Pressure: Term Ends 2026 | Defiant Stance in Book Reveal
Key Takeaways
- Jerome Powell vowed he would “never, ever, ever leave this job voluntarily” before his term ends in May 2026 .
- Trump repeatedly threatened to fire Powell over interest rate disagreements but recently called it “highly unlikely” unless “fraud” is proven .
- The White House now accuses Powell of mismanaging a $2.5 billion Federal Reserve building renovation as potential grounds for removal .
- Treasury Secretary Scott Bessent suggested Powell should leave the Fed Board entirely when his chair term expires to avoid “confusion” .
- Legal experts question if Trump can fire Powell; Supreme Court precedent suggests policy disagreements don’t constitute “cause” .
The Unmovable Object: Powell’s Ironclad Vow
Jerome Powell sits behind a desk older than your grandfather’s whiskey. The chair creaks. Washington humidity sticks shirts to backs. Reporters lean in, recorders thrust forward like weapons. They want blood. They want drama. Powell gives them granite.
“I will never, ever, ever leave this job voluntarily until my term ends under any circumstances. None, whatsoever.” The words hit the room like a hammer on an anvil. No flourish. No smile. Just cold fact .
This wasn’t some whispered aside. It landed during Trump’s first term—a period where the President fired tweets like bullets at the Fed chair. Lower rates. Now. Powell held the line. Rates stayed put. Trump fumed.
Flashback to 2019. Maxine Waters in a House Committee hearing. “If you got a call from the president tomorrow saying ‘I’m firing you. Pack up, time to go’—what would you do?”
Powell: “Well, of course I would not do that.”
Waters, pushing: “I can’t hear you.”
Laughter in the room. Even Powell cracked a sliver of a grin. Then the steel returned: “My answer would be ‘no.’”
“You would not pack up and leave?”
“No, ma’am.”
The law gives him four years. He intends to use them. All of them. Death or nothing. “You will not see me getting in the lifeboat,” he told confidants . A man chained to the mast.
The Inevitable Force: Trump’s Relentless Pressure Campaign
Donald Trump hates loose ends. He hates resistance. Jerome Powell became both.
The fight boiled down to simple math. Trump wanted cheap money. Lower rates mean the government borrows cheaper. He claimed it’d save “hundreds of billions of dollars” . Powell saw inflation coiled like a snake, ready to strike. Tariffs piled up—30% on Mexico, 35% on Canada, 50% on Brazilian copper . Prices would rise. He held rates steady at 4.25%-4.5% . A wall against pressure.
Then, this week. A closed-door meeting with House Republicans. Trump waved a letter. Talked of firing Powell. Finally. He felt the room’s pulse. “Almost every one of them said I should,” Trump later told reporters .
Twenty-four hours later. The Oval Office. Bahrain’s Crown Prince sat across the desk. Reporters squeezed in. Trump shifted gears: “Highly unlikely” he’d fire Powell now, “unless he has to leave for fraud” .
Markets twitched. Stocks dipped, then clawed back. Uncertainty hung thick. Was it over? Unlikely. Trump’s playbook demands enemies. Powell remains one.
Senator Thom Tillis warned the fallout would be immediate and severe: “If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they’re making a huge mistake” .
Marble and Misfires: The $2.5 Billion Renovation Scandal
Every fight needs fresh ammunition. Trump found his in plumbing and plaster.
The Marriner S. Eccles Building houses the Federal Reserve. Built in the 1930s. Its guts—electrical, pipes, HVAC—are original. Obsolete. Asbestos laces the walls. Lead paint peels . Renovation started years ago. Budget: $1.9 billion. Then costs exploded. $2.5 billion and climbing .
Trump seized it. “Disgraceful,” he called it. Accused Powell of building a “palace” . Russ Vought, Trump’s budget chief, penned a furious letter: “Ostentatious overhaul” with “rooftop terrace gardens, VIP private dining rooms, premium marble…”
Powell faced the Senate Banking Committee. Stone-faced. Methodical. “There’s no new marble. There’s no special elevators… no new water features. No beehives. No roof garden terraces” .
Why the Budget Blew Up
The Fed insists the work isn’t luxury—it’s survival. They’ll consolidate offices. Save on rent long-term. Taxpayers aren’t footing the bill; the Fed funds itself .
Trump smells blood anyway. His allies claim Powell lied to Congress about the changes. Changed plans without approval. James Blair, Trump’s man on the National Capital Planning Commission, demands tours and documents . A fishing expedition with a $2.5 billion hook.
Legal Knives: Can Trump Actually Fire Powell?
The Constitution bends but doesn’t break. Federal Reserve chairs serve four-year terms. Independence is the bedrock. But “for cause” lingers like a loophole .
Trump’s lawyers scoured statutes. Policy disagreement? Not enough. The Supreme Court shut that door recently . But mismanagement? Dereliction? Fraud? Maybe. Hence the renovation fury. A $2.5 billion “cause” .
Powell knows the game. He preemptively requested an Inspector General investigation into the renovation costs . Transparency as a shield.
Treasury Secretary Scott Bessent floated another exit: When Powell’s chair term ends in May 2026, he should leave the Fed Board entirely. No lingering. No “shadow Fed chair” confusing markets . A nudge, not a shove. But the message is clear: Your time ends. Cleanly.
Market Jitters: The Cost of Uncertainty
Money hates vacuums. Traders stare at screens. Headlines flash: “Trump Considers Firing Powell.” Sell orders trickle in. Then: “Highly Unlikely.” A sigh. Stocks wobble .
This isn’t just about one man. It’s about the Fed’s independence. Tear that down, and the foundations shake. Investors demand higher returns for uncertainty. Borrowing costs climb. Inflation could kick harder.
Senator John Kennedy offered tepid support: “Powell has done a decent job… I do believe the chairman is calling them like he sees them” . Not a ringing endorsement. Barely a whisper in the storm.
The Lifeboat: Powell’s Exit Scenarios
Jerome Powell won’t quit. So how does this end?
- May 2026: His term expires. He walks away. Bessent’s suggestion takes hold—no board seat, no influence. Clean break .
- Legal Showdown: Trump orders him fired “for cause” over the renovation. Powell sues. Courts decide. Chaos ensues .
- Political Capitulation: Pressure mounts. Republican senators abandon him. He resigns “voluntarily.” Unlikely. The man doesn’t own a lifeboat .
The Stubborn Standoff: Two Men, One Impossible Fight
Powell drinks black coffee. Trump prefers Diet Coke. Different men. Different worlds.
One runs the money. The other runs the country. Both think they’re right. Powell’s tool is patience—wait, watch, measure. Trump’s tool is the sledgehammer—swing hard, swing often.
The renovation fight is petty. Beneath the stakes. But it’s the battlefield chosen. Powell will sit in his crumbling office, asbestos in the walls, and wait. Trump will tweet. The dollar will sway.
No one blinks.
Frequently Asked Questions
Can Trump legally fire Jerome Powell?
Legally murky. Federal Reserve chairs serve fixed terms to ensure independence. Trump would need to prove “cause” like malfeasance, not policy disputes. The recent renovation accusations aim to create that cause .
What is Jerome Powell’s response to Trump’s threats?
Defiant. He publicly stated he would refuse to leave if fired and privately vowed, “I will never, ever, ever leave this job voluntarily until my term ends under any circumstances” .
Why does the Federal Reserve renovation cost $2.5 billion?
The 1930s-era building required hazardous material removal (asbestos, lead), infrastructure replacement, and compliance with D.C. building restrictions. Inflation and unexpected issues drove costs $600M over budget .
How have financial markets reacted to the Powell-Trump conflict?
Markets react volatility to rumors of Powell’s removal. Stocks dropped 0.7% on reports Trump might fire him, then partially recovered when Trump called it “highly unlikely” .
When does Powell’s term as Fed Chair end?
His term expires in May 2026. Treasury Secretary Scott Bessent suggested Powell should also resign from the Fed Board then to avoid a “shadow Fed chair” scenario .
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