🏗️ On July 24, President Donald Trump did a public tour of a renovation project at the Federal Reserve building, in Washington. During the visit, Trump and Fed chief Jerome Powell had a tense exchange.Â
💰 The central banker vigorously shook his head in disagreement when Trump put forward a $3.1 billion figure for the cost of the work, instead of $2.7 billion.
đź’Ą Relations between the two men have been tense since Trump’s return to the White House. The Republican president appointed Powell during his first term (2017-2021). Powell was then reappointed by Democrat Joe Biden. But Trump claims to bitterly regret this choice and regularly subjects the chair of the Federal Reserve to virulent criticism, in particular regarding interest rates.
🚪However, it would be very complicated for Donald Trump to dismiss the Fed chair, who is practically impossible to remove. Such a dismissal would be unprecedented and would require proof of serious misconduct or malpractice on the part of the highly respected central banker, whose term ends in May 2026.
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