**Trump's renewed pressure on Jerome Powell centers on the former Fed chair's continued service as a Board of Governors member through 2028, after his chair term ended in May 2026 with Kevin Warsh's confirmation.** Recent escalations include White House subpoenas threatening criminal charges tied to Powell's congressional testimony on headquarters renovation cost overruns, which Powell described as a pretext for seeking greater influence over interest-rate decisions. Trump has publicly stated he would "love to fire" Powell, called for his resignation over management "deficiencies" identified in an inspector general report, and explored legal options such as a gross incompetence suit, while pursuing parallel removal efforts against Governor Lisa Cook. These moves occur amid broader administration efforts to align monetary policy with White House preferences, though governors enjoy statutory protections against at-will removal and require demonstrated cause. Markets reflect uncertainty around whether political and legal barriers will block formal action before key deadlines or elections.