Amid questions for the millionaire spending on the remodeling of the Fed headquarters, the White House analyzes if Trump can move to Jerome Powell before the end of his mandate.
The White House is analyzing whether the president Donald Trump has legal powers to remove the head of the Federal Reserve (Fed), Jerome Powell, As confirmed on Sunday his main economic advisor, Kevin Hassett, in statements to ABC News.
The analysis occurs in the midst of a growing controversy due to a ongoing remodeling at the headquarters of the US Central Bank, whose budget would have shot U $ 2,500 millionsurpassing in 700 million The originally projected amount. The expansion of costs caused criticism inside and outside the Congress, and also fed the discomfort of Trump himself.
“It is an issue that is being investigated, but certainly if there is cause, the president has the authority to do so,” said Hassett in the program This Week. The advisor explained that any decision It will depend on the answers that the Fed delivers to the questionnaire sent by Russ Vought, Director of the White House Budget Office.
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Trump did not hide his disagreement with Powell
President Trump maintained a tense relationship with Powell for years, especially for the refusal of the Fed to further lower interest rates. Trump argues that the United States should have “the lowest rate in the world”, but that Powell “has been very bad for the country.”
The president’s criticisms intensified recently when the updated budget for the remodeling of the Central Bank facilities. “He is spending US $ 2,500 million by rebuilding the Fed. It’s crazy,” Trump told journalists over the weekend.
Although Powell’s mandate ends in May 2026, In Washington, versions circulate that Trump would be evaluating it in advance. According to recent reports, Hasset itself is considered a possible successor and was seen arguing with Trump in June.
Beyond the political context, this tension could have relevant economic implications, since it question the independence of the Federal Reserve, a key principle for the credibility of the US financial system.
Source: Ambito
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