Amid legal scrutiny, Powell reveals what would force him to step down

As political pressure and legal scrutiny intensify, Federal Reserve Chairman Jerome Powell He made it clear what might force him to resign.

Powell, who holds one of the most influential positions in the creation of US economic policies, made it clear that he would not step aside unless there was a legal violation.

That stance is detailed in an excerpt from “Trillion Dollar Triage,” in which Wall Street Journal economics reporter Nick Timiraos describes Powell’s measured public reactions and his more candid private reactions to Trump’s ongoing threats to fire him.

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Powell’s commitment to the Fed was made clear at a House Financial Services Committee hearing in 2019, amid mounting criticism from Trump. When asked by California Democratic Rep. Maxine Waters Asked what he would do if Trump fires him, Powell said he would continue to serve out his four-year term.

In the private call, Powell was more outspoken about his determination to continue leading the world’s most influential central bank, according to Timiraos.

“Under no circumstances will I ever voluntarily leave this job until my term is up. No way,” Powell said. he said. “You won’t see me get into the lifeboat,” he said, using a metaphor to indicate his determination to stay the course.

According to Timiraos, Powell said, “I can’t even think of a situation where I wouldn’t be able to complete my term other than death.” he said.

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Powell’s long-standing insistence completing his term of officeThe investigation, which will conclude in May, comes amid a Justice Department criminal investigation into congressional testimony regarding the renovation of the Federal Reserve’s headquarters.

Powell confirmed the investigation and said he respected the rule of law and congressional oversight, but called the action “unprecedented” and motivated by political pressure.

“This new threat is not related to my statement last June or the renovation of the Federal Reserve buildings,” Powell said in a video statement Sunday evening.

“The threat of criminal charges is a result of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the President’s preferences,” he added.

The White House referred questions to the Department of Justice. The Department of Justice did not immediately respond to Fox News Digital’s request for comment.

FEDERAL RESERVE CHIEF POWELL UNDER CRIMINAL INVESTIGATION REGARDING HQ RENEWAL

President Donald Trump toured the ongoing renovation of the central bank headquarters in 2025 with Federal Reserve Chairman Jerome Powell. (Official White House photo: Daniel Torok)

Project aiming to update of the Federal Reserve The two main office buildings in Washington, D.C., in the Foggy Bottom neighborhood, are expected to cost $2.5 billion and are being paid for by the central bank, not taxpayers. The Fed funds its operations without congressional appropriation and derives its revenue primarily from interest on government bonds and fees charged to financial institutions.

In June 2025, Powell told members of the Senate Banking Committee: “There’s no new marble. There’s no private elevators. Those are the old elevators that were there. There are no new water features. There are no beehives and there are no rooftop garden terraces.”

Federal Reserve Chairman Jerome Powell has made a formal request for the central bank’s inspector general to review the $2.5 billion building renovation, according to a spokesman for the IG’s office. (Al Drago/Bloomberg/Getty Images)

Powell also told lawmakers that “no one wants to do a major renovation of a historic building during their tenure.”

“We decided to take this on because, frankly, when I became the executive governor, before I became president, I realized how much the Eccles Building really needed a serious renovation,” Powell said, adding that the building was “really unsafe” and not waterproof.

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The grand atrium of the Marriner S. Eccles Federal Reserve building during a media tour of the renovation of the central bank’s headquarters in Washington, D.C., on July 24, 2025. (Andrew Harnik/Getty Images)

He also said the cost overruns were partly due to unexpected construction difficulties and the country’s inflation rate.

The project is expected to be completed in fall 2027, with Washington-based employees to begin working on the building in March 2028.