Washington DC - President Donald Trump renewed pressure Wednesday on Federal Reserve Chair Jerome Powell, threatening to fire the central bank chief if he stays beyond his mandate.

Powell's term at the helm of the Fed ends in mid-May, and Trump has repeatedly lashed out at him for not cutting interest rates more aggressively.

"I'll have to fire him," Trump told Fox Business, if Powell "is not leaving on time."

The president added: "I've wanted to fire him."

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The Trump administration has taken aim at the independent Fed on several levels, initiating an investigation into Powell over baseless allegations of renovation cost overruns at the Fed and seeking to oust governor Lisa Cook.

Asked if he would drop the Department of Justice probe involving Powell, Trump said: "I'm not playing. I have to find out."

Although Trump has named former central banker Kevin Warsh to succeed Powell, he must be confirmed by the Senate before taking up the role.

Warsh has a confirmation hearing before the Senate Banking Committee next Tuesday.

But his confirmation faces challenges with some lawmakers criticizing the DOJ probe as political pressure on the central bank.

Republican Senator Thom Tillis, who sits on the Senate Banking Committee, has vowed to hold up the nomination as long as the investigation remains unresolved.

If Warsh's nomination process is stalled, Powell can legally remain in his role as Fed chairman.

Although it is not unheard of, it is rare for a Fed chair to remain on as a member of the board after their term as chief expires.

Powell first took the helm of the Fed during Trump's first presidency in 2018, and was reappointed to the position under Democrat Joe Biden in 2022.