Trump’s Potential Fed Removals Would Face Separate Legal Tests

President Donald Trump could seek to remove Federal Reserve governors Jerome Powell, Lisa Cook and Michael Barr, but any effort would depend on the facts of each case and face potential court challenges.

The Federal Reserve’s seven-member Board of Governors oversees the central bank, while the Federal Open Market Committee sets U.S. monetary policy. Governors serve staggered 14-year terms and may be removed only for cause. The available record does not establish that Trump has decided to pursue all three removals.

The Supreme Court’s June 29, 2026, action left in place a lower-court order allowing Cook to remain on the Board while her case proceeds. Trump sought to fire Cook in August 2025. The court said she must receive notice and an opportunity to respond to the charges before a final decision, but did not resolve whether the administration can ultimately establish grounds for removal.

A Sept. 29, 2026, review of the Federal Reserve’s renovation project found the Board did not effectively manage its construction contract. The project budget grew from $921 million in February 2020 to $2.018 billion in the most recently revised budget, in 2024. The Board accepted seven recommendations. The findings concern Board management and do not identify Powell as responsible for the cost increase.

On Jan. 11, 2026, Powell said the Justice Department had served the Fed with grand jury subpoenas related to his Senate testimony about the renovation. He called the investigation’s rationale a pretext and alleged the threat of criminal charges was tied to the Fed’s interest-rate decisions. Those are Powell’s allegations; the renovation findings did not make that determination.

Any potential removal effort involving Powell or Barr would depend on the individual facts, while Cook’s case continues through the courts. The Supreme Court has not decided the ultimate question in her case.