Mr. Trump said back and forth with the Fed President
President Trump visited the Fed headquarters and argued with President Powell right in front of the camera when referring to the cost of improving infrastructure of this agency.
President Donald Trump on the afternoon of July 24 visited the US Federal Reserve Headquarters (Fed) in Washington and Fed President Jerome Powell checked the building improvement process. The visit took place after the White House and the Republican Party criticized the Fed for the project team.
“We have considered and seemed to cost US $ 3.1 billion, a little increased, or a lot. From 2.7 billion USD and now 3.1 billion USD,” President Trump told the press, standing next to the Fed President and Senator of the Republic of Scott.
Powell President, who is famous for his calm appearance, constantly shook his head to refuse and turned to see President Trump with confusing eyes. “I don’t know this information. I haven’t heard anyone at the Fed talk about that cost,” Mr. Powell interrupted.
Mr. Trump, Powell said back and forth about the cost of renovating the Fed headquarters. Video:Guardian
“Yes, this number has just been announced,” Mr. Trump said with confidence. The White House boss then took out the folded paper in his pocket and gave it to the Fed President.
“Is this document provided by us?”, Mr. Powell asked. “That’s right,” the White House boss replied, but adding that he did not know who was preparing it.
Mr. Powell took out the glasses, looked through the document and discovered the reason for the high amount of renovation costs. “Oh, you have planned the renovation process in Martin. He calculated an additional building,” Powell mentioned a Fed building.
President Trump said that the Martin building was in the process of construction, but Mr. Powell decided to abandon and emphasize the project “completed 5 years ago”.
“It is part of the overall project,” President Trump said. “But that building was not new,” Mr. Powell continued to interrupt.
When asked if the Fed was concerned that the cost of renovation could wear capital anymore, Mr. Powell said they “did not want it” but was still ready to respond. A reporter asked President Trump how to handle the manager of a budget project.
“I will fire that person,” the White House owner replied.
President Trump (left) and President of Powell during the Fed headquarters in Washington on July 24. Image:Reuters
The tension between the White House and the Fed has increased heat since Mr. Trump took office in January. The US President has repeatedly criticized and threatened to fire Powell President for not reducing interest rates. Earlier this week, Mr. Trump continued to call Powell “slow, stubborn” and said that interest rates in the US should be reduced by 3 more percentage points.
Observers said President Trump may be looking for a reason related to the Fed renovation project to dismiss Mr. Powell. The Fed in 2019 estimates that the cost of improving the headquarters is 1.9 billion USD, then adjusted to 2.5 billion USD. The agency explained that the increase of more than 33% was due to changes in design, material costs, labor and “factors arising unexpectedly”.
Mr. Trump was the nominator of Powell as the Fed chairman in his first term. However, the relationship between the two then worsened due to disagreements in interest rates and the economy. Powell was later nominated by former President Joe Biden.
