Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.

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.

While Trump may be denying reports he will fire Powell, reports tell a different story. Here's what Tennesseans need to know about Powell and the Fed.

Washington — President Trump on Tuesday asked a group of House Republicans if he should fire Federal Reserve Chair Jerome Powell — and people in the room voiced approval. Several sources said Mr. Trump indicated he will do it. Mr. Trump on Wednesday confirmed to reporters in the Oval Office that he spoke to lawmakers about ousting Powell.

The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.

The president may try to terminate the Fed chair’s tenure early. But whether Trump has the ability to do so isn’t clear.

President Trump denied he plans to fire Federal Reserve chairman Jerome Powell after telling Republican lawmakers he would likely make the move.

Warren added the next Fed chair will face a tough task proving they’re committed to central bank autonomy, as concerns grow that Trump may nominate someone more loyal to him than to economic principles.