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Trump seeks Powell resignation over alleged Fed renovation overruns
Trump said he asked Attorney General Todd Blanche to review an inspector general report, and he floated a potential final price tag of $3.5 billion to $4.0 billion.
Donald Trump said he is calling for Federal Reserve Chair Jerome Powell to resign from the Fed Board over alleged mismanagement and cost overruns tied to the Federal Reserve headquarters renovation, according to a TruthSocial post carried by Forexlive.
Trump said he asked Attorney General Todd Blanche to review an inspector general’s report and determine what action to take, and he threatened legal action if Powell remains on the Board, Forexlive reported.
The dispute centers on projected costs cited by Trump of at least $2.5 billion, with Trump also suggesting the final bill could reach $3.5 billion to $4.0 billion, Forexlive added.
For market participants, Forexlive said the key focus is whether the review escalates into a broader challenge to the Fed’s ability to make policy decisions without political pressure, while noting the construction allegations do not indicate where interest rates may go.