Trump officials plan tour of Fed HQ
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The treasury secretary’s latest comments contrast with his earlier alleged role as peacemaker. The president, meanwhile, continued to rail against the Fed chief and the outlet that characterized Bessent as a cooler head prevailing.
The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.
U.S. President Donald Trump might seek to fire Federal Reserve Chair Jerome Powell over alleged $700 million cost overruns on Fed's headquarters renovation. Trump's administration demands answers while Powell defends the project's necessity for safety and consolidation.
The Federal Reserve chairman wrote a point-by-point letter addressing Republican criticisms of the renovation of the central bank's headquarters.
The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.