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White House mulls inspection of Federal Reserve HQ as Trump vs Powell feud intensifies
US President Donald Trump announces Jerome Powell as his nominee to become chairman of the US Federal Reserve in the Rose Garden of the White House in Washington, US, November 2, 2017. File Image/Reuters
As the feud between US President Donald Trump and Federal Reserve Chair Jerome Powell intensifies, reports are emerging that the White House is pushing for an inspection of the US Federal Reserve headquarters in Washington, DC. The move is coming at a time when Trump has suggested that the American central bank has mismanaged funds for building renovations.
Ever since coming back to the White House, Trump has been pressuring Powell to quit, demanding that he and other officials lower the interest rates. Meanwhile, Powell has argued that lowering the rates prematurely could increase inflation since Trump tariffs have already contributed significantly to raising the prices of goods.
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In response to the Fed Chair's resistance, Trump has threatened to fire Powell multiple times, with Powell stating that he will serve the post until his term ends. On Friday, Trump went on to float the idea of firing Powell to House Republicans. 'I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud," the president said at the dinner with Republican senators.
Why is the White House interested in searching the Federal Reserve headquarters?
On Thursday, the White House budget director, Russell Vought, told reporters that the administration wanted to have an on-site inspection of the Fed's troubled $2.5bn building renovations. 'I think the president was pretty clear yesterday: he's unlikely to fire the chairman, but he has substantial concerns about how he's managed the Fed,' Vought averred.
However, firing the Federal Reserve Chair would not be an easy task. The Supreme Court in the spring went out of its way to say that, while Trump can fire certain officials, like those on national labour boards, the Fed is different.
'The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States,' the court said in May. If Trump went ahead and fired Powell, he might have to undergo a complicated battle with the Supreme Court.
Meanwhile, Wall Street is also not taking Trump's ambition to fire Powell very well. 'The independence of the Fed is absolutely critical,' the JPMorgan Chase CEO, Jamie Dimon, said on Tuesday. 'Not just for the current Fed chairman, who I respect, but for the next Fed chairman.'
It is pertinent to note that Powell's term is set to end in May 2026, but Trump appears to be hopeful that recent renovations at the Fed make Powell an easier target. According to The Guardian, renovations were initially slated to cost $1.9bn after it was budgeted in 2019, but costs have risen to $2.5bn.
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The Fed argued that the renovations cover two buildings that have 'not been comprehensively renovated since their construction in the 1930s'. On Wednesday, Trump said that 'there may be fraud involved with the $2.5bn'. Trump also said that Powell was a ' terrible Fed chair' and that he 'was surprised he was appointed'. Interestingly, it was Trump who appointed Powell to the job in 2018. Former US President Joe Biden eventually extended his term in 2022.
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