U.S. President Donald Trump said on Wednesday he does not currently plan to remove Federal Reserve Chair Jerome Powell, despite a Justice Department criminal investigation into the Fed chief, Reuters reported. He added it was “too early” to determine any future course of action.

The investigation, disclosed by Powell on Sunday, concerns cost overruns on a $2.5 billion project to renovate two historical Fed buildings. Powell denies wrongdoing and has described the probe as a pretext linked to disputes over interest rate policy.

Trump indicated that he is considering potential successors, naming former Fed Governor Kevin Warsh and National Economic Council Director Kevin Hassett as likely candidates. U.S. Treasury Secretary Scott Bessent, he said, had been ruled out “because he wants to stay where he is.” “The two Kevins are very good,” Trump said. “You have some other good people too, but I'll be announcing something over the next couple of weeks.”

The Fed chair’s term ends in May, though he is not required to vacate his seat on the Board of Governors until 2028. Some Republican senators, whose approval is needed for a successor, along with foreign officials, investors, and former U.S. government figures, have criticized the probe as politicizing monetary policy. The Trump administration has defended its actions as a duty to investigate potential misconduct.

Trump, who appointed Powell during his first term, has frequently pressed the Fed to lower interest rates more aggressively. He dismissed criticism over central bank independence, including concerns that undermining autonomy could affect the U.S. dollar or inflation, saying: “I don't care. They should be loyal. That's what I say.”

The president also pointed to his business experience as a rationale for influence over monetary policy. “A president should have something to say about Fed policy,” he told Reuters. “I made a lot of money with business, so I think I have a better understanding of it than Too Late Jerome Powell.”

Trump’s interactions with the Fed have previously tested presidential authority. He attempted to fire Governor Lisa Cook, who is challenging her termination in a case scheduled for argument before the Supreme Court next week.

Asked directly about Powell’s removal, Trump said: “I don't have any plan to do that. Right now, we're a little bit of a holding pattern with him, and we're going to determine what to do. But I can't get into it. It’s too soon. Too early.”