A recent Supreme Court order suggested that Federal Reserve officials could not be removed
from their jobs over policy disputes which means they could be removed "for cause."
The
Fed Whisperer reports that the White House is pressuring Federal Reserve Chair Jerome Powell
over the organization's ongoing headquarters renovation.
There are allegations that Powell lied to Congress about the renovation or grossly mismanaged it.
The White House actions are politically motivated and may be used as a pretext to oust Powell "for cause."
Any notion of Fed independence would be obliterated if this occurs!
https://www.msn.com/en-us/money/markets/white-house-seizes-on-fed-renovations-as-opening-to-oust-powell/ar-AA1Irf6x
Comments
I don't know much about the Fed's IG...
This is an extremely smart move by Fed Chair Jerome Powell. By proactively requesting an independent review of the D.C. headquarters renovation, Powell is doing exactly what leaders should do when under politically motivated fire: call for transparency and let the facts speak louder than spin.
Trump and his circle have been trying to twist the long-planned renovation into some bizarre symbol of Powell’s “mismanagement” despite the fact that the project was approved years ago and overseen by multiple boards and checks. With their narrative already shifting toward laying the groundwork to remove Powell “for cause,” this request for an IG review makes it harder for the administration to push that line without looking retaliatory.
Powell is showing the difference between governance and grievance. Let the inspector general look at the receipts. Let the public see what’s real. And let’s not pretend this is about paint and drywall, it’s about pressure on an independent central bank in the middle of a politically chaotic moment. This move isn’t just smart. It’s necessary.