Trump bickers with Powell over Fed renovation costs
Summary
President Trump recently visited the Federal Reserve and argued with its head, Jerome Powell, over renovation costs of their buildings. Trump criticized the project as too expensive, while Powell pointed out the project was planned years ago. The discussion took place as Trump continues to pressure Powell to lower interest rates.Key Facts
- President Trump and Federal Reserve Chairman Jerome Powell argued about building renovation costs during Trump’s visit.
- Trump has criticized Powell on social media and has hinted at firing him, which could cause financial and legal issues.
- The renovation project costs are expected to increase from $1.88 billion in 2019 to $2.45 billion in 2025.
- The renovation involves two buildings, and costs rose partly due to finding more asbestos than expected.
- Trump questioned the handling of costs and compared it to his experience as a real estate developer.
- Under US law, Federal Reserve governors can only be removed for serious misconduct, not for project costs.
- The renovation was originally approved in 2017 to consolidate the bank's operations.
- Trump pressures Powell to lower interest rates, an ongoing point of contention between them.
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