Jerome Powell, chairman of the American Federal Reserve System, is reportedly thinking about resignation. This comes after a severe criticism of a super expensive reconstruction of $ 2.5 billion in Washington Fed. Bill Pulte, the highest official Trump Administration, said he heard “News” on Friday, which Powell could leave before his term ends in May 2026.
The project costs were left from 1.9 billion to $ 2.5 billion, with critics as Senator Tim Scott called it “Versailles Palace”-Sticking. Powell claims that media news about luxury features such as VIP canteens and marbles are “misleading”, but planning documents from 2021 show that they were originally approved.
White House accuses Powell of lying and poor driving
Trump’s administration appears heat. On Thursday, the head of the Russ budget Vought accused Powell of “gross poor management” and perhaps lied to the Congress of Renovation.
The letter Vaghts states that President Trump is “very concerned” and demands answers within a week. Separately Trump replaced three officials on the commission who supervised the project, considered a pressure tactic. Trump himself calls Powell “too slow” to say interest rates, even he said, “Why would you stay at a party when no one wants you?”
Can Trump Fire Powell? Legal battle states
While Trump wants Powell to leave, shooting is not easy. Fed chairs can only be removed “because of the reason”, such as misconduct, and the courts protected their independence.
Some experts think that the renovation probe is just an apology that Powell will climb over the disagreements of politics.
If Powell resigns, the highest compensation includes economic advisor Trump Kevin Hassett or Finance Minister Scott Bessnt, according to reports on the best applicants.
Powell insists that it will serve the whole period, but the initiates say that the attacks are “tired”. With the next meeting of Fed 30. – 31.
