President Donald Trump and the head of the US Federal Reserve on the Fed Headquarters Renovation site. Photo credit: Zuma Press Wire / Shutterstock Editorial / Profimedia
US President Donald Trump, dissatisfied with the decisions of the central bank of the United States (Federal Reserve – FED) and the costs of renovating its headquarters, threatened to authorize a “major legal action” against the institution's director Jerome Powell, AFP reports.
“I am going to authorize a major action against Powell, because of the horrible and obviously incompetent work that he has done in managing” the renovation works of the FED headquarters in Washington, the US president wrote on his SA Social Platform.
For months, Donald Trump has publicly expressed his increasing impatience than the monetary institution.
He catalogs as an “idiot” the Fed president – which he himself appointed during his first term at the White House – urges the other central bankers to dismantle him, he repeatedly claims that he wants to dismiss him, and at the end of last month he even made a surprise visit to the institution. He considers them too expensive.
The episode gave birth to a widely publicized scene: Donald Trump and Jerome Powell standing next to each other, wearing protective headphones.
Powell shook his head disapprove and puts his eyeglasses when the US president shows him a document that the costs of the works increased to $ 3.1 billion. He immediately corrects the president, specifying that Fed estimates the costs at $ 2.5 billion.
But in his message on Tuesday, Donald Trump again mourns a cost of “$ 3 billion for a yard that should have cost 50 million,” according to him.
He also repeats that Jerome Powell “must immediately reduce interest rates.”
In fact, Powell is in Trump's viewfinder because he refused to reduce interest and did not comply with his dictatorships. The president named public “stupid”, “low IQ” or “insensitive”.
Jerome Powell – which represents only one of the 12 voices within the Fed Monetary Policy Committee – has a mandate to challenge the institution until May 2026, but can remain as governor and longer, until January 2028.
Donald Trump, however, forbids his post to name a person closer to his vision in place.
The US president is already about to appoint one of his main economic counselors, Stephen Miran, at the FED, after the resignation of a governor.
The head of the federal reserve recalls that even Donald Trump can not kick him out, according to the law. ” Why cause concerns the subject
