President Trump seeks to remove Federal Reserve Chair Jerome Powell ahead of his term's end in 2026, focusing on a $2.5 billion renovation of the Federal Reserve's headquarters as a basis for criticism. The renovation sparked allegations of mismanagement, claiming excessive luxuries in design. The administration argues that the renovation's escalating cost indicates Powell's mismanagement and demands accountability. Despite these claims, Powell asserts compliance with laws and standards, emphasizing the renovation is necessary for modernizing the Fed's facilities. The incident raises significant concerns regarding U.S. monetary policy stability and the independence of the Fed.
The Trump administration has focused on a $2.5 billion renovation of the Federal Reserve's headquarters, alleging mismanagement by Chair Jerome Powell and questioning the project’s scope.
Russell Vought, director of the Office of Management and Budget, labeled the renovation project an "ostentatious overhaul," claiming it exceeded the necessary public interest standards.
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