President Donald Trump is reportedly weighing the dismissal of Federal Reserve Chairman Jerome Powell, fueled by escalating controversy surrounding significant budget overruns and accusations of fact misrepresentation related to the renovation of the Federal Reserve’s Washington, D.C. headquarters.
White House Economic Advisor Kevin Hassett publicly affirmed Powell’s accountability for the costly budget overruns incurred during the major renovation project. Separately, White House Budget Office Director Russell Voth levied allegations that Chairman Powell misrepresented key details concerning the expenses associated with the headquarters revamp.
The deliberations on Powell’s future occur against a backdrop where President Trump has maintained a consistent pattern of criticism towards Powell’s monetary policy decisions. This mounting controversy over fiscal management has intensified scrutiny on Powell’s leadership tenure.