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Hassit Urges Powell to Exit Fed
A report released by the Office of the Inspector General of the Federal Reserve on September 29th pointed to shortcomings in the management of the renovation projects for the "Eckles" building and "1951 Constitution Avenue." The project budget increased from $921 million in 2020 to over $2 billion, surpassing the approved budget of $2.46 billion. Despite this, no evidence of criminal misconduct was found, and the government approved seven recommendations to improve cost management. Following the report's publication, former U.S. President Donald Trump's chief economic advisor, Kevin Hassett, called for Jerome Powell’s resignation from the Federal Reserve Board, emphasizing the need for Powell to step down to improve the handling of this matter amid ongoing disagreements over the central bank’s independence. Additionally, the U.S. Attorney General announced that no new criminal investigation would be opened against Powell based on the current findings, though the case may be revisited in the future if new evidence emerges. Powell remains a member of the Federal Reserve Board until 2028 and continues to lead monetary policy, despite disagreements over some recent decisions, particularly the rate hikes in September.
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