Trump Demands Powell Resign Over Fed Renovation Costs as IG Clears Him of Misconduct
Updated
Updated · POLITICO · Oct 1
Trump Demands Powell Resign Over Fed Renovation Costs as IG Clears Him of Misconduct
3 articles · Updated · POLITICO · Oct 1
Summary
Trump said Jerome Powell should resign "immediately" or face a U.S. lawsuit over Federal Reserve renovation overruns, even after the Fed inspector general found no criminal or administrative misconduct by Powell.
Wednesday’s watchdog report said the headquarters project was poorly managed but did not implicate Powell, undercutting a potential basis for Trump to remove the former Fed chair from the Board of Governors.
People around Trump said he still wants Powell out, though one person close to the White House said courts are unlikely to allow a firing attempt.
Any move against Powell would reopen a fight over Fed independence, with bond markets already pushing long-term Treasury yields to more than two-decade highs and Senate confirmation politics complicating any replacement.