Latest news with #ThisWeek
11 hours ago
- Business
Trump told GOP lawmakers he would 'likely' fire Fed chair Powell 'soon,' sources and officials say
President Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting. The Republican lawmakers expressed their approval of Trump's intention to fire him, according to the White House officials and sources on Wednesday. According to one lawmaker in the room, President Trump made it clear he wanted Powell gone and signaled he could move in that direction, but the president was also responding to the reception from other Republicans who were on board with the idea. Trump mentioned this meeting in the Oval Office on Wednesday, saying he discussed the "concept of firing him." "I said, what do you think? Almost every one of them said I should, but I'm more conservative than they are," Trump told reporters. This development follows Trump's ongoing pressure campaign to get Powell to lower interest rates. Powell has said the Fed would have cut rates by now if it weren't for inflation concerns as the result of President Trump's tariff policy. While a decision on Powell could come at any time or not come at all, sources caution that a decision is not final until President Trump makes an announcement publicly. Trump on Wednesday dismissed reports that he drafted a letter to fire Powell. "Are you completely ruling out the idea of firing Jerome Powell?" a reporter asked Trump in the Oval Office. "I don't rule out anything, but I think it's highly unlikely unless he has to leave for fraud," Trump said. Trump allies and top White House officials have been raising questions about the $2.5 billion dollar renovation of two historic Fed buildings on the National Mall, with some suggesting it could be weaponized against Powell to remove him from his role. "We're very concerned. He's doing a little renovation for 2.5 billion of the Fed building -- building a -- a renovation, and they have a close to $900 million cost overrun. And it's a shame, but the biggest cost overrun is the cost overrun for interest rates," Trump said. ABC News White House Correspondent Karen Travers asked Trump if he's calling for an investigation into Powell. Powell has requested a review of the Federal Reserve's renovation project by the agency's inspector general. While many legal scholars argue that Trump does not have the authority to fire Powell, the Director of the National Economic Council Kevin Hassett told Jon Karl on "This Week" on Sunday that he believes Trump can fire Powell if "there's cause." On Capitol Hill, Sen. Thom Tillis, a North Carolina Republican, took to the Senate floor Wednesday afternoon to issue a stark warning against removing Powell. "The consequence of firing a Fed chair just because political people don't agree with that economic decision will be to undermine the credibility of the United States government going forward," Tillis said. "And I would argue, if it happens, you're going to see a pretty immediate response. We've got to avoid that."
Geek Dad
19 hours ago
- Entertainment
- Geek Dad
Review – Batman: Detective Comics #1099 – Who Wants to Live Forever?
Batman: Detective Comics #1099 cover, via DC Comics. Ray: The search for Elixir has led Batman and Harvey Bullock abroad – where they picked up an unlikely ally in the Penguin. This is a great team-up – you have one hero, one slightly corrupt cop, and one villain with the exact same goal – to get to the heart of this multi-national conspiracy for immortality. After barely surviving an attack by the sinister Ambrose, they capture the ringleader and Batman has to decide just how far he's willing to go in order to get answers. Bullock is particularly entertaining in this story, and he and Penguin are able to correctly sus out that Ambrose is a bit of a paper tiger. They quickly find out that he's one step below the mastermind – but the man behind the man is not willing to be discovered easily, and he's set up a pretty elaborate trap for everyone who gets close. The problem is, it's not just a trap for outsiders – it's one for him as well. Showdown. Via DC Comics. The Batman comics have often dealt with themes of immortality and the quest for an extended lifespan – obviously, Ra's Al Ghul has pretty much hacked the nature of life and death. But I've rarely seen it explored in such a compelling fashion. Our villain here has become so obsessed with preserving existence that he's forgotten what life actually means – and Batman still finds a way to get under his skin and remind him that he won't be safe forever. Next issue brings us an anniversary issue with several guest talents, and I'm guessing we'll get a kickoff to a new story next. It's a little surprising that this one plot has taken up the entire run so far, but Taylor has found some interesting ways to shift genres while focusing on this one big plot. The ending also has some nice ambiguity to it, as one character makes a surprising decision that proves Elixir may not be gone from Gotham for good. To find reviews of all the DC issues, visit DC This Week. GeekDad received this comic for review purposes. Liked it? Take a second to support GeekDad and GeekMom on Patreon!
Yahoo
21 hours ago
- Business
- Yahoo
Trump says $2.5 billion Fed renovation 'sort of is' a fireable offense for Powell
President Trump on Wednesday told reporters that Jerome Powell's handling of a $2.5 billion renovation of the Federal Reserve headquarters 'sort of is' a fireable offense, raising new questions about whether he may seek to oust the central bank boss. The president also appeared to narrow his choices to replace Powell. Treasury Secretary Scott Bessent is an "option" but not the top choice 'because I like the job he is doing,' he said. The Washington Post and Bloomberg have reported this week that National Economic Council Director Kevin Hassett is rising as an early frontrunner in the race to replace Powell, although former Fed governor Kevin Warsh is also under consideration. Fed governor Christopher Waller is another possibility. Bessent, though, is 'probably not that much of an option," Trump said Tuesday, citing what he views as his good performance as Treasury secretary. 'He's a very soothing force.' Trump has been hammering Powell for months over what Trump viewed as a refusal to ease monetary policy for political and personal reasons, referring to Powell publicly as 'dumb,' a numbskull,' a 'stubborn mule', 'stupid,' a 'moron' and a 'fool.' Trump nominated Powell for the Fed chair seat during his first administration, and his current term is scheduled to run until May of 2026. Trump's allies in recent weeks have used another tactic to turn up the pressure on Powell: They have invoked a $2.5 billion renovation of the Fed's headquarters as a way to question the chair's management of the institution and whether he told Congress the truth about the project during testimony in June. Trump said Tuesday that "the one thing I wouldn't have guessed is he would be spending two and a half million dollars to build a little extension onto the Fed." He was asked if it was a fireable offense and Trump said: "I think it sort of is, because if you look at his not talking about the problem. It's a big problem." Top administration officials have sent mixed signals about how far Trump would go with Powell. Hassett said Sunday on ABC News's "This Week" that whether the president has the legal authority to fire Powell before his term is up next May "is being looked into" and that "certainly, if there's cause, he does." But Treasury Secretary Scott Bessent told Bloomberg Tuesday that the president "said numerous times he's not going to fire Jay Powell" and compared Trump's public pressure to former college basketball coach Bobby Knight "working the refs." "President Trump seems to prefer the Bobby Knight school," he said. Bessent also said Tuesday "there's a formal process that's already starting" to find Powell's replacement. He also hopes Powell decides to leave the Fed board when his term as chair is up. His seat on the Fed Board of Governors is not up until 2028. Trump, too, has sent mixed signals in recent months about whether he would seek to remove Powell, musing about it publicly before assuring he wouldn't do it. Wall Street is paying close attention to the drama unfolding in Washington, D.C. JPMorgan Chase (JPM) CEO Jamie Dimon said Tuesday that the independence of the Federal Reserve is "absolutely critical" and that warned that "playing around with the Fed can often have adverse consequences." A firing by Trump could potentially open a new legal war with Powell, who has argued that his removal is 'not permitted by law.' The only language in law pertaining specifically to the removal of Fed board members can be found in Section 10 of the Federal Reserve Act. The law states that each member of the board shall hold office for 14 years "unless sooner removed for cause by the President." The statute doesn't have any language that specifically addresses the chair of the Board of Governors, nor does it detail what exactly constitutes "for cause." The term has been interpreted in legal rulings to mean "inefficiency, neglect of duty, or malfeasance." But Powell and the Fed could still have the backing of the Supreme Court, which made it clear in a May decision it might protect the central bank even as it allowed Trump to fire the board members of two other independent agencies: the National Labor Relations Board and the Merit Systems Protection Board. The central bank, the court said, 'is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.' What Trump is trying to challenge is a 90-year-old Supreme Court precedent limiting the power of the president to dismiss independent agency board members except in cases of neglect or malfeasance. If that precedent eventually falls, a Powell firing may be easier to legally justify at the Fed. Click here for in-depth analysis of the latest stock market news and events moving stock prices
Yahoo
2 days ago
- Business
- Yahoo
Powell Asks Fed IG To Probe Renovation Project Amid Relentless Trump Attacks
Jerome Powell on Monday asked the Federal Reserve's inspector general to conduct a review of its $2.5 billion renovation project as the Trump administration is using the works to drive up pressure on the chief of the U.S. central bank. In a letter addressed to Senate Banking Committee Chair Tim Scott (R-S.C.) and the panel's top Democrat Elizabeth Warren (Mass.), first reported by Politico, Powell said he asked IG Michael Horowitz to 'take a fresh look at the project.' Powell's request, which was first reported by Axios, comes after Trump's economic adviser Kevin Hassett suggested that the renovation works could be used as 'a predicate' to order the Fed chair's removal. 'I think that whether the president decides to push down that road or not is going to depend a lot on the answers that we get to the questions that Russ Vought sent to the Fed,' Hassett told ABC's 'This Week' on Sunday. Vought, the director of the Office of Management and Budget, suggested a probe into the project is warranted, accusing Powell of 'grossly [mismanaging] the Fed,' by noting that the works have exceeded their initial cost by about $700 million. The central bank appeared to hit back at the allegations by posting a dedicated section to its frequently asked questions page addressing some of the main criticisms about the renovation, declaring that 'no new VIP dining rooms are being constructed as part of the project.' The renewed scrutiny on Powell appears to stem from the president's disagreement with the Fed's resistance to bow to his demand for lower interest rates. The U.S. central bank kept its rates steady last month, citing the potential impact of Trump's tariffs on inflation. While Powell's term as Fed chair concludes in May 2026, Treasury Secretary Scott Bessent on Tuesday said the search for his replacement is already underway. 'There's a formal process that's already starting,' Bessent told Bloomberg TV. 'There are a lot of great candidates, and we'll see how rapidly it progresses. It's President Trump's decision, and it will move at his speed.' Bessent suggested that the Trump administration would also favor Powell stepping down as Fed governor next year even though he could keep that role until early 2028. 'I think it'd be very confusing for the market for a former Fed chair to stay on,' he added. Bessent, though, rejected the notion that removing Powell as Fed chair 'is under active consideration' by the president. Trump is 'not looking to fire Chair Powell,' Bessent told Bloomberg. Still, Trump has previously said he would welcome Powell's resignation. 'Well, I think if Jerome Powell stepped down, it would be a great thing. I don't know that he's going to, but he should,' he said over the weekend. Trump Adviser Says This Is How The President Could 'Certainly' Fire Powell Trump Says Fed Chair Jerome Powell 'Should Resign Immediately' Jerome Powell Won't Cut Interest Rates, So Trump Keeps Calling Him Stupid
Yahoo
2 days ago
- Business
- Yahoo
JPMorgan's Dimon warns against 'playing around with the Fed' as Powell pressure mounts
JPMorgan Chase (JPM) CEO Jamie Dimon said Tuesday that the independence of the Federal Reserve is "absolutely critical' for Jerome Powell and whoever succeeds him as chairman of the central bank. 'Playing around with the Fed can often have adverse consequences,' Dimon told reporters after JPMorgan reported its first-quarter earnings, and can produce 'the absolute opposite of what may be hoping for.' Wall Street is paying close attention to the drama unfolding in Washington, D.C. as President Trump and other White House officials intensify their pressure on Powell to lower interest rates and conduct a search for his replacement. Powell's term as chair ends in May. Trump has hammered Powell for months over what Trump viewed as a refusal to ease monetary policy for political and personal reasons. At one point he mused publicly about removing him, before assuring that he wouldn't do so. Trump's allies in recent weeks have also used another tactic to turn up the pressure on Powell: They have invoked a $2.5 billion renovation of the Fed's headquarters as a way to question the chair's management of the institution and whether he told Congress the truth about the project. Different administration officials are sending mixed messages about how far they may be willing to go with Powell. National Economic Council Director Kevin Hassett said Sunday on ABC News's "This Week" that whether the president has the legal authority to fire Powell before his term is up next May "is being looked into" and that "certainly, if there's cause, he does." But Treasury Secretary Scott Bessent told Bloomberg Tuesday that the president 'said numerous times he's not going to fire Jay Powell' and compared Trump's public pressure to former college basketball coach Bobby Knight 'working the refs.' 'President Trump seems to prefer the Bobby Knight school,' he said. Bessent also said Tuesday central bank independence is important and noted that 'there's a formal process that's already starting' to find Powell's replacement and that he hopes Powell also decides to leave the Fed board when his term as chair is up. "Traditionally, the Fed chair also steps down as a governor, and there's been a lot of talk of a shadow Fed chair causing confusion in advance of his or her nomination, and I can tell you I think it would be very confusing for the market for a former Fed chair to stay on also." Bessent is considered among the possible successors to Powell, along with Hassett, former Fed governor Kevin Warsh, and Fed governor Christopher Waller. 'There are a lot of great candidates, and we'll see how rapidly it progresses,' Bessent said, without confirming if he was in fact under consideration. 'It's President Trump's decision, and it will move at his speed." As far as who the next pick will be, Dimon said "Let's just see who the president picks, and you'll be the judge of that when you see the choice…But I would say it is important they be independent." Dimon also noted the president has said he 'is not going to remove Jay Powell.' '' Another big bank executive, Wells Fargo (WFC) CFO Mike Santomassimo, was also asked Tuesday about the market risk of recent Fed pressure. He rebuffed concerns. "I think you haven't really seen that'd be a major factor at this point relative to what we're seeing from a risk perspective," Santomassimo told reporters. Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
