President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

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.

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.

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,

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."

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.

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.