All articles tagged with #jerome powell
Kevin Hassett, a senior aide to President Donald Trump, has publicly called for Federal Reserve Chair Jerome Powell to leave the central bank’s board. This statement follows recent friction between the White House and the Fed regarding interest rate decisions and the independence of the central bank. The comment signals continued political pressure on the Fed’s leadership despite recent internal shifts within the institution.
Attorney General Todd Blanche confirmed the Department of Justice will not reopen its criminal investigation into former Federal Reserve Chair Jerome Powell regarding the central bank’s headquarters renovation. This decision follows a report by the Fed’s independent inspector general, which found no evidence of criminal violations despite noting significant management deficiencies. While Blanche stated that poor oversight is not inherently a crime, he did not rule out future action if an independent auditor uncovers wrongdoing. President Trump rejected the findings, demanding Powell resign from the Fed board, where he remains a member until early 2028.
The Department of Justice will not reopen its criminal investigation into former Federal Reserve Chair Jerome Powell regarding the central bank’s headquarters renovation. Attorney General Todd Blanche confirmed this decision, noting that while the probe is closed, separate action could occur if an independent audit reveals criminal wrongdoing. This follows a report by the Fed’s inspector general, which found no basis for a criminal referral but cited major oversight failures that caused renovation costs to more than double. President Trump rejected the findings, demanding Powell resign from the Board of Governors, where he remains a member through January 2028.
A Federal Reserve inspector general report found no criminal misconduct in the headquarters renovation, undermining President Trump's efforts to remove Chair Jerome Powell. While the report highlights management failures, it exonerates Powell, making legal removal difficult. Trump may still target Powell, Lisa Cook, and Michael Barr, but legal hurdles and the upcoming midterm election complicate his strategy.
Jerome Powell is likely to remain on the Federal Reserve Board of Governors until January 2028, despite President Trump’s long-standing desire for his removal. The recent Inspector General report, which cleared Powell of criminal misconduct in the headquarters renovation scandal, removed a key pretext for his ouster. However, Trump has not conceded, instead directing Attorney General Todd Blanche to determine next steps regarding the project’s costs. This ongoing tension, combined with a recent cooling in rhetoric between the White House and the Fed, suggests Powell will stay through his current term, having previously stated he remained only due to legal threats.
The Federal Reserve’s Inspector General released a 120-page report finding no criminal or administrative misconduct in the $2.4 billion headquarters renovation, despite significant cost overruns. President Trump rejected the findings, demanding former Chair Jerome Powell resign and threatening legal action. New Chair Kevin Warsh accepted the report’s recommendations for an independent audit.
The Federal Reserve’s Office of Inspector General released a report clearing former Chair Jerome Powell of criminal or administrative misconduct regarding the headquarters renovation. While the investigation found no evidence of federal law violations, it criticized Fed management for failing to control costs, which ballooned to $2.5 billion. President Trump rejected the findings, demanding Powell’s immediate resignation and threatening legal action, while new Chair Kevin Warsh accepted recommendations for an independent audit.
The Federal Reserve’s Office of Inspector General released a 121-page report concluding that no federal criminal laws were violated during the $2.5 billion headquarters renovation. While the report cleared former Chair Jerome Powell of wrongdoing, it criticized the Board for poor project management and insufficient cost controls. President Trump responded by demanding Powell’s resignation, while new Chair Kevin Warsh ordered a full audit to seek reimbursement for unperformed work.
The Federal Reserve’s inspector general released a report finding no criminal misconduct in the central bank’s headquarters renovation, despite costs doubling to $2.4 billion. President Trump rejected the findings, demanding Powell’s resignation and threatening lawsuits, while new Chair Kevin Warsh accepted the recommendations for an independent audit and GSA oversight.
A 120-page report by the Federal Reserve’s inspector general found no evidence of criminal misconduct or policy violations by former Chair Jerome Powell regarding the central bank’s headquarters renovation. Despite the exoneration, President Trump rejected the findings, demanding Powell’s immediate resignation and threatening federal lawsuits for corruption or incompetence. The report criticized the Fed board for poor cost management, noting the project’s budget ballooned from $1.2 billion to $2.4 billion, but cleared specific design features like water fountains as non-contributors to the overruns. New Chair Kevin Warsh accepted the report’s recommendations, including an independent audit and oversight by the General Services Administration.
The Federal Reserve’s inspector general released a 120-page report finding no criminal violations or administrative misconduct in the central bank’s headquarters renovation. While the report absolves former Chair Jerome Powell of legal wrongdoing, it criticizes the Fed board for failing to enforce cost controls, allowing the project budget to nearly double to $2.4 billion. President Trump rejected the findings, demanding Powell’s immediate resignation and threatening new lawsuits, while new Chair Kevin Warsh accepted the report’s recommendations to improve oversight.
The piece outlines Kevin Warsh’s push for dialing back the Fed’s forward guidance and transparency, arguing markets should rely more on data than central-bank signaling. If adopted, this approach could heighten market volatility and push rates higher as investors adjust without explicit Fed instructions, contrasting with Greenspan-era communication and Powell’s post-meeting guidance. Economists warn it could backfire during crises and shift influence within the Fed, depending on how quickly and where such a shift is implemented, including potential changes to quarterly projections and press conferences.
A Washington, D.C. federal judge refused to vacate his prior rulings against Prosecutors’ attempts to subpoena the Federal Reserve in the Pirro-led inquiry into Fed cost overruns, keeping the government’s losses on the record as Pirro’s probe was dropped under political pressure. The judge criticized the effort as potentially harassing Powell, and noted the public value of the record; Powell’s successor, Warsh, was later confirmed to chair the Fed’s rate-setting committee.
Former Fed chair Jerome Powell used his JFK Library Profile in Courage Award speech to defend the independence of the Fed and other democratic institutions, warning that political pressure on the central bank, courts, and universities would erode credibility; he noted his ongoing seat on the Fed board through 2028 after stepping down as chair.
Fed governor Jerome Powell said the central bank is undergoing a “stress test” that could erode its credibility and independence if administrations can punish officials for policy disagreements. He stressed that policy decisions should be based on economic analysis rather than politics, a point he made while accepting the JFK Profile in Courage Award amid ongoing tensions with President Trump over monetary policy. The episode raises concerns about the Fed’s insulation and the rule of law in preserving a stable economy.