President Donald Trump called on Federal Reserve Chairman Jerome Powell to resign if he misled Congress during recent testimony.
During a Cabinet meeting Tuesday, Trump said he supported a Congressional investigation into Powell. Trump has repeatedly called on Powell to resign over his refusal to lower interest rates.
At a Senate Banking Committee hearing last week, Powell denied reports the Federal Reserve spent billions to turn the headquarters into the “Palace of Versailles,” as Sen. Tim Scott, R-S.C., described it.
“There’s no VIP dining room; there’s no new marble. There are no special elevators,” Powell said. “There are no new water features, there’s no beehives, and there’s no roof terrace gardens.”
The cost for the renovations has already ballooned by 30% from an original estimate of $1.9 billion, the New York Post reported.
In a Truth Social post last week, Trump said Powell should resign immediately and linked to a Bloomberg story headlined, “Fed Chair Should Be Investigated by Congress, FHSA Head Says.”
Powell was nominated by Trump to lead the Federal Reserve. His tenure as Fed chair is set to end May 2026.
Trump previously said Powell and the Federal Reserve should be “ashamed of themselves.”
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Author: Dillon B
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