The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

In 1997, billionaire Carlyle co-founder David Rubenstein hired a then-relatively unknown member of the George H.W. Bush administration named Jerome Powell. Over the course of eight years, Powell led the private equity firm's industrial group and was a partner.

After rumors spread that he was about to sack the Federal Reserve leader and stocks dropped, the president told reporters that he wasn't "planning on doing anything."

US President Donald J. Trump said Wednesday he is not planning to fire Federal Reserve Chair Jerome H. Powell, but he kept the door open to the possibility and renewed his criticism of the central bank chief for not lowering interest rates.

TheStreet. In a sudden turn of events, President Donald Trump said he was "not planning on doing anything" to get rid of Federal Reserve Chair Jerome Powell, reported CNBC. This occurred after he mentioned the idea during a private meeting with congressional Republicans,

Federal Reserve Chair Jerome H. Powell is resisting President Donald Trump’s calls for lower interest rates, saying the Fed should not take debt and deficits into account.

President Donald Trump said he would consider National Economic Council Director Kevin Hassett to replace Jerome Powell as chair of the Federal Reserve. Hassett said he believes the Fed should remain independent but wouldn’t comment on if he would take the job if it was offered to him.

Jerome Powell's net worth is estimated to be between $20 and $50 million. Learn more about the Fed Chair's career and net worth.

Floats idea with GOP lawmakers. President Donald Trump denied Wednesday that he is planning to fire Federal Reserve Chair Jerome H. Powell, a day after asking Republican lawmakers at the White House whether he should remove the central bank chief.