President Trump criticized Federal Reserve Chairman Jerome Powell for not reducing interest rates and estimated renovation costs at the Federal Reserve headquarters at over $3 billion. Powell contested this claim, stating that the figure included a previously completed building. While some have pointed out that the renovation budget has indeed increased from $1.9 billion to $2.5 billion, critics argue that allegations against Powell concerning lying to Congress are overstated, highlighting various issues faced during the renovation, like asbestos and supply chain disruptions. Tensions largely stem from differing views on monetary policy.
During a tour of the Federal Reserve's D.C. headquarters, President Trump clashed with Chairman Powell over project costs, which Trump claimed had soared to over $3 billion.
Concerns have been raised regarding the renovation budget, with estimates originally at $1.9 billion now projected to be approximately $2.5 billion.
Critics argue that accusations of Powell lying under oath are exaggerated, particularly given the complex circumstances surrounding the renovations including asbestos and supply chain issues.
The underlying tension between Trump and Powell primarily concerns monetary policy, with Trump advocating for lower interest rates which Powell has resisted.
Collection
[
|
...
]