President Donald Trump has expressed mixed signals regarding the potential firing of Federal Reserve Chair Jerome Powell. While Trump stated he is not planning to fire Powell, he left the door open for any possibility, particularly in light of a costly renovation project that has faced scrutiny. The renovation, which began in 2021, is over budget due to factors like design changes and unforeseen circumstances. Despite Trump's criticisms of Powell related to interest rates, experts believe that the legal barriers make removal improbable.
Trump suggested the renovation of the Federal Reserve, with its escalating costs, might provide grounds for removing Powell, hinting there could be serious compliance issues and fraud involved.
The Federal Reserve's building renovations, initiated in 2021 and approved in 2017, have faced significant cost overruns, primarily due to design updates and unexpected structural issues.
Experts indicate the probability of Trump successfully removing Powell is low, citing substantial legal hurdles and the established protocols governing the appointment and removal of Federal Reserve leaders.
Trump has consistently criticized Powell for maintaining higher interest rates and has previously stated that he could swiftly fire Powell if he wanted to.
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