Trump threatens to fire Powell if he doesn’t leave at end of his term

Donald Trump has threatened to fire Jerome Powell, the Federal Reserve chair, if he doesn’t step down at the end of his term next month.

Trump has nominated financial executive Kevin Warsh to lead the central bank. Warsh will face Senate lawmakers in a confirmation hearing next week.

In an interview with Fox News, Trump said he would remove the Powell if Warsh was ultimately not confirmed by 18 May, the end of Powell’s term. It is possible for the incumbent Federal Reserve chair to stay in the position while lawmakers confirm a permanent replacement.

Warsh’s nomination faces a hurdle, given that Senator Thom Tillis, a deciding Republican vote on the banking committee, has vowed to withhold his support for any nomination to lead the central bank as long as the Trump administration continues to investigate Powell for alleged mismanagement of the Federal Reserve renovations.

Tillis has branded the president’s efforts to punish Powell as political retribution for the Fed chair’s unwillingness to cut interest rates at Trump’s command.

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Key events

Controversial FISA resolution heads to House floor

Today, House speaker Mike Johnson will attempt to pass an extension of the a key provision of the Foreign Intelligence Surveillance Act (FISA). Section 702 of the law authorizes intelligence agencies to collect communications of foreign nationals outside the US, without the need for warrants or court orders.

Johnson has faced consternation from Democrats, but also from members of his own party, who argue that extending 702 would be a threat to Americans’ privacy.

On Tuesday, Donald Trump weighed in, and called on GOP lawmakers to “unify” and pass an extension. The president previously suggested attaching his restrictive voter ID bill, the Save America act, to the bill in order to satisfy conservative holdouts, who appeared unwilling to move forward without reforms.

However, Trump is now urging the Republican conference to keep things simple and “stick together” to pass a “clean bill”.

The Office of the Director of National Intelligence maintains that the information collected under 702, allows the government to protect the US and allies from “hostile foreign adversaries, including terrorists, proliferators, and spies, and to inform cybersecurity efforts”.

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