While the Federal Reserve twiddles it thumbs over rate cuts to further help the economy — especially for home owners — they aren’t skimping on their own comforts after wasting a whopping $2.5 BILLION on office renovations.
Trump has been sick and tired of Fed chairman Jerome Powell since he took office and Powell continues to act like a partisan Democrat trying to put obstacles in the president’s way. But while Powell may not be interested in helping America, he sure is happy to help himself.
Per Just the News:
Trump’s Director of the Office of Management and Budget, Russ Vought, sent a letter to Powell that appears to be an attempt to lay the groundwork for establishing a cause to remove him. In the letter, Vought alleged Chairman Powell mismanaged the multibillion-dollar renovation at the bank’s headquarters, which has so far run $700 million over budget.
“The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”
Vought accused Powell of approving extravagant features—including “rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble”—and claimed the project is further evidence of an ongoing pattern of fiscal mismanagement at the bank.
Further, Vought suggested that Powell may have misled Congress in his testimony about the renovations when he denied these allegations.
Republican Congressman Abe Hamedeh blasted Powell, and told Just the News, “[What] we have is a Federal Reserve Chairman who’s in charge of monetary policy, and he’s effectively curtailing the successes of bringing in this golden age era that President Trump wants to usher in. And on top of that, you have Jerome Powell just a few weeks ago, talk[ing] about the renovations at the Federal Reserve building—$2.5 billion, $700 million over budget, for a building here in the Capital…right across the National Mall.”
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