Washington: US President Donald Trump stated on Wednesday that he will fire Federal Reserve Chair Jerome Powell if he does not resign from the board at the end of his tenure, emphasizing the need for an ongoing Justice Department investigation to continue.

According to Anadolu Agency, Trump expressed his desire to remove Powell during an interview with Fox News. However, he mentioned needing to determine if there was any "incompetence, corruption, or both" related to the renovation of the central bank's Washington, DC headquarters. Trump acknowledged his reluctance to act, citing his aversion to controversy, but reiterated his intent to dismiss Powell if he does not step down voluntarily.

Powell's term as Fed chair is set to expire in May, though he retains two years on his term as a central bank governor. In March, Powell declared his intention to remain on the Fed Board of Governors until the investigation reaches a transparent conclusion. The criminal investigation, initiated by federal prosecutors in Washington last year, focuses on Powell's role in the renovation project and alleged misleading statements to Congress. Powell has denied these allegations, labeling the probe politically motivated.

Trump has previously voiced his discontent with Powell, particularly over interest rate policies. In January, Trump nominated Kevin Warsh, a former Federal Reserve Board member, as the next Fed chair. However, Republican Senator Thom Tillis has vowed to oppose Warsh's nomination until the investigation into Powell concludes. Tillis emphasized the importance of maintaining the Federal Reserve's independence from political and legal pressures in his statement on X.