00:00President Trump says he will fire Federal Reserve Chair Jerome Powell if Powell does not step aside
00:05when his term at the helm of the central bank expires next month.
00:09Trump nominated former Fed Governor Kevin Warsh to replace Powell, whose term as chair expires May 15th.
00:16The situation is complicated by a DOJ criminal investigation into Powell over his testimony to Congress last year
00:23about the Fed's $2.5 billion headquarters renovation.
00:26Senator Tom Tillis, a key Republican swing vote on the Banking Committee, has said he will block Warsh's confirmation
00:33until that DOJ probe is resolved, calling it a threat to the Fed's independence.
00:38Powell has said he would fight any removal, and legal experts say whether Trump has the authority to fire him
00:44remains an open question.
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