Donald Trump dredged his clash with the chairman of the federal reserve Jerome Powell to exceed the cost during his first Fed visit and claimed that there was no “tension” with Powell.
Potus indicated that Powell problems regarding the Central Bank’s renovation project were probably not a sufficient reason to fire the Fed chief.
“It’s a big step and I don’t think it’s necessary,” Trump told reporters.
Visiting Potus in Federal Reserve on Thursday – Trump was the first president to visit the central bank in almost two decades – but was not without much tension. Trump grilled over Powell over interest rates and joked jokingly that he could remove a project manager who supervised similar costs.
“Well, I would like him to reduce interest rates. In addition to what can I tell you?” Trump told reporters.
Clash of Donald Trump and Jerome Powell
During his visit to the federal reserve system, Donald Trump reset to what he claims that he and his allies were exaggerated costs of renovation of the federal building and claimed that it blocked at $ 1.3 billion. However, Powell shooks his head according to more reports.
When Trump offered Powell a piece of paper that took details of a new estimate, Powell Terely told Trump that his revised claim included a building that had already been completed.
“That’s the third building,” Powell said, interrupting the president. “He was built five years ago.”
“I would fire them”
Asked by the reporter what he would do if the manager went through his budget on one of his construction projects, Trump answered honestly. “Generally speaking, what would I do?” Said Trump. “I would fire them.”
Powell laughed when Trump knocked him on his arm and the president said he “did not want to be personal.”
“I just want to see that it ended,” Trump said.
The President also repeatedly focused on the policy of setting the central bank rates.
Federal reserve officials are expected to maintain interest rates after their meeting next week. Most politicians expect to reduce rates at least twice before the end of the year, according to the projections published in June, Bloomberg announced.
Can Trump really shoot Powell?
In our modern history, we have never witnessed the federal chief. According to the law of the Federal Reserve of 1913, the President may only be excluded from the “cause”, which is usually interpreted in such a way that they mean incorrect capability or gross misconduct.
Law experts in the US quickly pointed out that the pitch case to remove Trump could face legal obstacles.
“I don’t think there is a case,” said Lev Menand, a legal scholar at Columbia University The New York Times.
Meanwhile, Powell urged reports of inaccurate reconstruction work and, after Republican criticism has intensified in recent weeks, she asked for the General Inspector of the Bank to review the restoration work.
At the beginning of Thursday, the Fed employees led reporters for a tour of the active construction site, which stated that it organized about 700 to 800 workers per day in two shifts. The cost exceeding was partially driven by safety requirements, including explosion -resistant windows, the officials said. Nevertheless, the total project budget in 2025 from $ 1.9 billion has risen to $ 2.5 billion in recent years, raising questions about exceeding.
Trump on the renovation work
In a post on the social media after returning to the White House, Trump said that the renovation work “would be much better if it was never started, but that’s what it is, and hopefully ASAP will be completed,” before he turns back to interest rates.
“With all that has been said, let’s finish it and even more important, lower interest rates!” Wrote.
(Tagstotranslate) Donald Trump
