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Powell said last month he would not step down from the Fed as long as the Department of Justice’s criminal investigation is ongoing.

“I have no intention of leaving the Board until the investigation is well and truly over with transparency and finality,” Powell said.

Firing Powell would raise significant legal questions and would not take place immediately – Powell has said he would defend the Fed’s independence and would almost certainly challenge any action to remove him.

Although Trump can legally fire Fed officials, he can do so only “for cause,” according to Section 10 of the Federal Reserve Act.