Senator Tillis Warns Against Firing Fed Chair Powell, Citing Market Fallout

U.S. Senator Thom Tillis, a Republican member of the Senate Banking Committee, warned that dismissing Federal Reserve Chair Jerome Powell—or any Fed leader—over a policy disagreement would damage the nation’s credibility and unsettle financial markets. Tillis said ending the central bank’s political independence would be “a huge mistake,” predicting a “pretty immediate response” in markets if such a move were attempted. His comments come amid sporadic speculation within some political circles about replacing Powell before his term ends in 2026.