January 1, Trump Threatens Fed Chairman Removal Amid Headquarters Probe

Wyatt’s Take

• Trump said he will remove Powell if he does not leave on time.
• A criminal probe into the Fed’s $4 billion office renovation continues.
• Republicans allege Powell misled Congress about massive cost overruns.

President Donald Trump isn’t playing games with the Federal Reserve leadership as the clock runs out on Jerome Powell’s chairmanship.

Trump confirmed Wednesday that he will fire Powell if the Fed chief refuses to vacate his post when his term expires in May.

The standoff follows reports that Powell intends to stay through 2028 to oversight an investigation into agency construction costs.

Trump argues that incompetence and potential corruption regarding the Fed’s building project demand a total change in leadership.

Trump expressed frustration over the Federal Reserve headquarters renovation which has ballooned to a staggering $4 billion project.

He compared the waste to his own private sector success building hotels for a fraction of that cost.

“Well then I’ll have to fire him, OK, if he’s not leaving on time,” Trump said.

“I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial.”

Republican Representative Anna Paulina Luna previously referred Powell to the Justice Department for allegedly lying to the Senate.

She claims the Fed chief was not truthful about the massive spending spikes on the building project.

Trump remains focused on the $3.1 billion cost overrun and the destruction of historic offices during the renovation process.

He noted that the project is not just a sign of potential corruption but a glaring example of government incompetence.

“It’s more than a criminal probe. It’s a criminal probe, I guess, but it’s also a probe of incompetence,” Trump told reporters.

“They’re gonna spend maybe $4 billion and you know what? I’m not sure the thing’s ever gonna open.”

While Powell’s term as chairman ends this spring, his board seat technically lasts until 2028.

Trump is making it clear that he expects his new nominee, Kevin Warsh, to take the reins without interference.

Wyatt Matters

Families and taxpayers should never have to accept wasteful government spending without accountability. Leaders who guard the public purse deserve scrutiny when billions disappear into a project with little common sense.

Original Article