President Donald Trump is reportedly poised to accomplish his goal of firing Federal Reserve Chairman Jerome Powell after a bitter months-long feud.
The White House is reportedly probing renovations at the Federal Reserve’s headquarters amid reports of cost overruns and inefficient management. Speculation is rising that the Trump administration is preparing to use this probe as a pretext for removing Powell.
The White House is now accusing Powell of “mismanaging the Fed” and suggesting that Powell had misled Congress about an “ostentatious” renovation of the central bank’s headquarters.
Trump has been itching to fire Powell for months, but cannot unilaterally fire Powell without cause. However, if the White House can put together a case that Powell indeed mismanaged this project, Trump now has cause to get rid of Powell.
Should Powell be removed from his position, it will be a massive victory for Trump, as Powell has made it clear that he opposes Trump’s economic agenda and will hamstring Trump’s economy with high interest rates.
Massively Overbudget
Office of Management and Budget Director Russell Vought is leading the charge in this new attack by the Trump administration on Powell.
Vought wrote in a post on X that, “While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters. Now up to $2.5 billion, roughly $700 million over its initial cost. The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”
If these reports are accurate, Powell has squandered billions of taxpayer dollars with nothing to show for it. The Federal Reserve building, while an important piece of architecture, is certainly no Palace of Versailles.
Vought further pointed out that, “The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more.”
Powell himself has refuted these claims, but in a very dismissive mannerwhich suggests Powell is not interested in transparency but rather in protecting himself.
Corruption Or Incompetence
For a renovation project to go hundreds of millions of dollars over budget either suggests gross incompetence or worse, extreme corruption. Both would constitute grounds for Trump to dismiss Powell and finally name a replacement.
Vough’s letter has requested that Powell respond to 11 questions about the renovation project within seven business days, but so far, there has been little to no communication from the Federal Reserve, considering the allegations.
Powell has held onto his post despite pressure from Trump for him to resign. It would be a bizarre twist if he were forced out thanks to grossly mismanaging something as mundane as renovating the Federal Reserve’s headquarters.
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Author: Robert Hoel
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