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3d ago

Trump Ramps Up Effort to Oust Powell With Renovation Probe and Appointment Gaffe

Powell insists the renovation meets all legal requirements in a show of independence that has drawn bipartisan support, keeping markets steady.

U.S. President Donald Trump looks on as Jerome Powell, his nominee at the time to lead the U.S. Federal Reserve, moves to the podium at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria/File Photo
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Overview

  • President Trump wrongly blamed President Biden for appointing Fed Chair Jerome Powell before suggesting Steve Mnuchin made the recommendation.
  • The White House has sought an inspection of the $2.5 billion renovation project as a potential legal pretext to remove Powell "for cause."
  • Budget Director Russell Vought accused Powell of mismanagement in a letter demanding details of building cost overruns and possible legal violations.
  • Powell responded by defending the project’s oversight in a formal reply, citing compliance with approved plans and the need for structural, safety and system upgrades.
  • Citing a Supreme Court ruling that limits Fed chair removal to proven misconduct, Powell vowed to complete his term and secured bipartisan backing as markets stayed calm.