Trump replaced Jerome Powell as Fed chair with Kevin Warsh, but Powell refused to retire, creating an unprecedented power struggle inside the central bank. Colby Smith explains how the president's year-long pressure campaign backfired and what happens when two fed chairs occupy the same institution. Jerome Powell decided to stay on the Federal Reserve's Board of Governors after stepping down as chair—breaking decades of tradition since the 1940s—to protect the institution from Trump's political pressure.