Trump Visits Fed, Highlights Renovation Project and Powell
US President Donald Trump is scheduled to visit the Federal Reserve on Thursday at 4:00 p.m. local time to inspect a $2.5 billion renovation project that he has criticized as wasteful. The visit was officially announced by the White House on the presidential daily schedule, but without providing further details. Trump and his aides have recently questioned the Fed's need for such a large project, singling out Fed Chairman Jerome Powell as a target of criticism.
Trump has stated that he has no plans to fire Powell before his term ends in May 2026, but has not completely ruled out the possibility. His criticism of the Fed's renovation project has intensified in recent days. "This guy built an overcrowded building, and what does he need that building for?" Trump told reporters. Several Trump advisers, including James Blair and Bill Pulte, have also demanded an immediate review of the project.
Powell himself has denied reports that the renovations are wasteful and has asked the inspector general to formally review the project. He maintains that the restoration work is necessary. However, the dispute has added to political tensions between the White House and the central bank. If Trump attempts to fire Powell without justification, it could potentially spark a legal dispute, especially since the Supreme Court recently strengthened rules regarding protections for independent agency officials.
While Treasury Secretary Scott Bessent has stated that Powell should complete his term, Commerce Secretary Howard Lutnick has pushed for his immediate replacement. Trump's visit to the Fed headquarters is a rare event — the last US president visited the building was in 2006, when President George W. Bush attended Ben Bernanke's inauguration as Fed Chairman. (ayu)
Source: Newsmaker.id
