U.S. President Donald Trump argued that former Fed Chair Jerome Powell should step down from the Federal Reserve Board of Governors, citing a report from the Office of Inspector General regarding the renovation of Fed buildings.
In a post on his social media account, Trump stated that the report revealed management deficiencies in the project. Claiming that the renovation work exceeded the budget at a "record pace," Trump expressed that Powell should be forced to resign from the board.
In his post, Trump remarked, "He can't even manage a building, and he should certainly not be allowed to manage high interest rate policy." Stating that he had instructed U.S. Attorney General Todd Blanche to review the report, Trump also shared some of the findings regarding the project with the public.
Claiming that the renovation cost could exceed 4 billion dollars by the time the project is completed, Trump argued that the construction might not be finished as required. Trump also noted that he did not want his own name given to the building.
The report published by the Fed's Office of Inspector General noted that the cost overruns in the renovation of Fed buildings were due to inadequacies in project management. The report also included information that no criminal violations or administrative misconduct were detected.
News Source: 12punto
