Renovation of central bank buildings: Trump renews call for Powell's resignation amid watchdog's report
&imwidth=600&imheight=450&format=webp&quality=medium "Renovation of central bank buildings: Trump renews call for Powell's resignation amid watchdog's report")
US President Donald Trump
The Fed watchdog in its report pointed towards extensive problems with project oversight that led to the cost of the renovation of the central bank's two historic buildings shooting up.
After the Federal Reserve's Inspector General on Wednesday said it found no grounds for a criminal referral or evidence of administrative misconduct related to cost overruns in a US central bank renovation project, President Donald Trump again renewed call for former Federal Reserve chief Jerome Powell's resignation.
"At a minimum, 'Too Late' Powell should be forced to resign from the Board. He can’t manage a Building, and he certainly shouldn’t be allowed to manage his High Interest Rate Policy (only on “TRUMP!”)," wrote Trump on Truth Social.
However, the Fed watchdog in its report pointed towards extensive problems with project oversight that led to the cost of the renovation of the central bank's two historic buildings on the National Mall in Washington increase by about $1 billion.
The report noted "at no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the US attorney general."
"Further, while our report outlines deficiencies in the management of the renovation project, resulting in our recommendation of corrective actions in accordance with the Inspector General Act, we did not identify administrative misconduct during our evaluation," it added.
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The ongoing feud between Trump and Powell goes back to 2018, when the president first criticised the Fed chief for not cutting interest rates. Powell was nominated by Trump for the top Fed job in late 2017.
And in his effort to ouster Powell and gain control over the direction of monetary policy, Trump latched onto the cost overrun on the project, which now has a price tag of about $2.4 billion.
Powell declined to comment on the report of Federal Reserve's Inspector General.
