Jerome Powell has told allies that he will not leave the Federal Reserve unless he dies. That is exactly how far he is willing to go to complete his four-year term, no matter how much pressure Donald Trump applies.

This statement is detailed in Nick Timiraos's book Trillion Dollar Triage, who reported on Powell's refusal to resign even when threatened. Powell has told people behind the scenes:

“You will not see me on a lifeboat. I will never, never, never voluntarily leave this job until my term is over, under any circumstances. Not at all. I don’t contemplate any scenario in which I can’t complete my term, except for death.”

Powell's resistance was publicly challenged in 2019 when Trump loudly criticized how Powell was handling interest rates. At a hearing organized by the House Financial Services Committee, chaired by Democratic Representative Maxine Waters of California, Powell was directly asked about his reaction if Trump called to fire him.

“Mr. Chairman, if today or tomorrow you received a call from the President and he said, 'I’m firing you. Pack your things, it’s time to go,' what would you do?” Waters asked. Powell replied, “Well, of course, I wouldn’t do that.” When Waters said she didn't hear it, Powell repeated: “My answer would be 'no.'”

She then asked: "And you won't pack your things and you won't leave?" Powell replied: "No, ma'am." When asked if that was because he believed the president lacked the authority, he said: "What I stated is that the law clearly grants me a four-year term and I fully intend to serve that term."

Powell faces criminal allegations for misleading testimony about the renovation.

Now, in 2025, Powell is facing pressure again, this time not only from Trump but also from Capitol Hill. On Thursday, the Chairman of the Board of Fannie Mae and Freddie Mac, Bill Pulte, posted on X that Powell could be criminally referred to the Department of Justice for allegations of misleading.

Pulte wrote: "I have been informed by very reliable sources from Congress that there may be one or more members of Congress referring criminal charges to the Department of Justice regarding allegations that Jay Powell misled about the $2.5 billion building."

Just an hour later, Republican Representative Anna Paulina Luna did exactly that. She officially referred Powell to the Department of Justice, accusing him of misleading Congress about the Federal Reserve's $2.5 billion renovation project in Washington, D.C.

Powell testified at a Senate Banking Committee hearing last month that the cost overruns were due to unavoidable challenges during the construction and inflation. Lawmakers did not accept this, with some describing the project as excessive.

CNN reported that Powell had asked the Fed’s inspector general to conduct an additional review of the construction project, which was initially approved by the Fed board in 2017 at a price of $1.9 billion.

Construction began in 2021, but costs rose to $2.5 billion due to what Powell described as "unforeseen conditions." These conditions included "more asbestos than expected," "toxic contamination in the soil," and "higher than expected groundwater levels," as stated on the official Fed website.

Trump said Powell's construction scandal could justify his firing.

In the Senate hearing, Powell told lawmakers: “No new marble. No special elevators. They are old elevators that were already there. No new fountains. No beehives and no rooftop garden.”

He asserted that the money was not wasted on luxury amenities and clarified that taxpayers were not footing the bill for the project. "The Federal Reserve is funding the renovation," Powell said, confirming the final estimated cost at about $2.5 billion.

Despite all the legal protections Powell believes he has, Trump still said that the renovation scandal could be sufficient grounds to fire Powell "for fraud," although he added that it was "very unlikely." Nevertheless, this comment adds to the growing political scrutiny Powell is currently facing.

So, while Powell has never backed down from political threats and has claimed that only death would prevent him from serving his full term, Congress and Trump may very well test how far that commitment actually goes. But so far, Powell has not even publicly responded.