Stories
Trump Aide Demands Powell Resign from Fed Board Amid Renovation Scandal
- •Kevin Hassett, Trump's chief economic adviser, called for Jerome Powell to leave the Federal Reserve board after an internal report cited management failures in the renovation of its headquarters.
- •The Fed's internal watchdog found no criminal wrongdoing but cited management deficiencies that nearly doubled the $2.4 billion project's original cost.
- •Trump responded on social media, stating Powell "should be forced to resign from the Board."
- •US Attorney General Todd Blanche said the Justice Department would not reopen a criminal investigation based on current findings but would investigate if an independent audit uncovers criminal misconduct.
- •Powell has remained on the Fed's board of governors since May, citing threats of criminal investigations as his reason for staying, a stance condemned by Trump and his administration.
Key Questions Answered
Kevin Hassett called for Jerome Powell to leave the Fed's board following an internal report that highlighted management failures linked to the $2.4 billion renovation project at the central bank's Washington headquarters.
US Attorney General Todd Blanche stated that the Justice Department would not reopen a criminal investigation into Jerome Powell based on the current findings, as the internal watchdog report found no evidence of criminal wrongdoing or administrative misconduct.
Policymakers under Chairman Kevin Warsh voted unanimously to raise interest rates by a quarter percentage point to combat stubborn inflation, a decision that Kevin Hassett noted the administration disagrees with while respecting that it was done for the right reasons.
