How to convince Jerome Powell to leave the Fed? Take away his parking spot
Jerome Powell confirmed he will remain on the Federal Reserve's Board of Governors after his term as chair ends, citing ongoing legal and political pressures. Some Wall Street observers and allies of President Trump want him to leave sooner, with one suggesting punitive measures like revoking his parking privileges. The situation remains uncertain as the Justice Department, under Jeanine Pirro, could pursue charges related to a renovation dispute at the Fed's headquarters.
- ▪Jerome Powell will stay on as a member of the Fed’s Board of Governors after his chairmanship ends on May 15, 2026.
- ▪Powell cited legal attacks on the Fed, particularly over a $2.5 billion headquarters renovation, as a reason for remaining in his role.
- ▪President Trump and some Wall Street figures want Powell to leave, with one adviser suggesting removing his parking spot to pressure him.
- ▪Kevin Warsh is President Trump’s pick to succeed Powell as Fed chair and supports reducing the Fed’s balance sheet.
- ▪Jeanine Pirro, leading the Justice Department probe, has not ruled out restarting a criminal investigation into the Fed’s renovation costs.
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Charles Gasparino Business on the money How to convince Jerome Powell to leave the Fed? Take away his parking spot By Charles Gasparino Published May 1, 2026, 7:00 a.m. ET Jerome Powell confirmed this week that he won’t leave the Federal Reserve next month after he steps down as chairman – but some of his detractors are already floating ideas on how to change his mind, On The Money has learned. “My advice is to take away his parking privileges in the Fed building,” said one economist close to the White House and President Trump, adding that he wasn’t joking. That’s after the 73-year-old Powell on Wednesday confirmed he will stay on as a member of the Fed’s Board of Governors after his term as chair expires May 15.
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