Trump vs. Powell: The $2.5 Billion Fed Renovation Showdown
President Trump seeks to oust Federal Reserve Chair Jerome Powell, accusing him of mismanaging a $2.5 billion renovation of Fed buildings in Washington. Trump criticizes the project's cost, arguing it jeopardizes the Fed's independence. Powell disputes the claims, emphasizing the renovation's necessity due to outdated infrastructure.
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- United States
In a controversial move, President Donald Trump has intensified efforts to remove Federal Reserve Chair Jerome Powell, accusing him of mismanaging a costly renovation project worth $2.5 billion at the central bank's headquarters in Washington, D.C.
The heightened tensions stem from Trump's ongoing frustration with Powell's resistance to lowering interest rates, a move the president argues would ease government borrowing costs amidst ongoing tariffs. Trump criticized Powell's oversight of a project aimed at modernizing the Fed's outdated infrastructure, dubbing it a 'disgraceful' expense.
While the White House argues that Powell's handling of the renovations, including cost overruns, justifies his dismissal, the Fed Chair has maintained that the upgrades are essential due to the building's age and safety requirements. The project remains a flashpoint in the administration's battle to influence the independent fiscal policies of the Federal Reserve.
(With inputs from agencies.)
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