Powell Asks Fed IG To Probe Renovation Project Amid Relentless Trump Attacks
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Treasury Secretary Scott Bessent claimed the president is "not looking to fire" Powell, but noted that the search for his replacement is already underway.
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.
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