The Trump administration’s intensifying campaign against Federal Reserve Chair Jerome Powell hit a boiling point Thursday.
Just two weeks after President Donald Trump sent a handwritten letter to Powell demanding lower interest rates, Russell Vought, Trump’s director of the Office of Management and Budget (OMB), accused Powell of breaking the law by failing to comply with government oversight regulations and lying to Congress about details of an approximately $2.5 billion planned renovation of the Fed’s headquarters.
“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter he posted to social media Thursday. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”
For months, Trump has berated Powell, whom he appointed during his first term, and called him insulting names. The president has lately taken to calling Powell by the nickname “Too Late” for failing to recognize the 2022 inflation crisis fast enough and failing to slash interest rates as inflation has cooled down. Earlier this month, Trump suggested that Powell should resign in a social media post.
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Author: Faith Novak
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