Trump aide Hassett says Powell should 'move on' from Fed board

María Paula Mijares Torres / Bloomberg10-05 01:27

Powell has been on the Fed's board of governors since leaving his position as chair in May, breaking with the precedent of Fed chairs' leaving the central bank when their leadership term ends.(Oct 5):...

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after an internal report cited management failures in the renovation of its headquarters.\n\"I think that it's time for him to move on and to respect the independence of the Fed,\" Kevin Hassett, head of the National Economic Council at the White House, said on Fox News' Sunday Morning Futures when asked whether Powell should resign.\nThe Fed's internal watchdog said in a Sept 30 report it found no evidence of criminal wrongdoing and didn't identify any \"administrative misconduct\" connected to the US$2.4 billion ($3.1 billion) renovation project in Washington, but cited management deficiencies that helped almost double the project's original cost.\nTrump responded with a social post saying Powell, whom he relentlessly pressured to lower interest rates as Fed chair, \"should be forced to resign from the board.\"\nUS Attorney General Todd Blanche, whom Trump has asked to review the Fed inspector general's report, said in an interview Friday that the Justice Department wouldn't reopen a criminal investigation of Powell based on the findings.\nThe Fed has said it will engage an independent auditor to scrutinise the building costs. Blanche added that if that review finds any evidence of criminal wrongdoing, the Justice Department could investigate.\n\"I expect there will be an auditing process,\" Blanche said. \"If they learn anything that rises to any kind of criminal misconduct, you better believe we're going to investigate that.\"\nPowell has been on the Fed's board of governors since leaving his position as chair in May, breaking with the precedent of Fed chairs' leaving the central bank when their leadership term ends.\nPowell has said that threats of criminal investigations into him and the Federal Reserve left him with no option but to stay, a stance that Trump and other members of his administration condemned.\nWhile Trump has long pressed the Fed to lower borrowing costs, policymakers under chairman Kevin Warsh last month voted unanimously to raise interest rates by a quarter percentage point in the face of stubborn inflation.\n\"As you saw, that chairman Warsh voted with people to increase interest rates,\" Hassett told Fox News. \"I disagree with that decision, but we respect that he was doing that for the right reasons.\"\nTrump has said Warsh, whom he picked to succeed Powell, should make his own decisions, though he told Time magazine \"I probably would have voted against the board if I were him.\"\nUploaded by Magessan Varatharaja","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2673700286","isCrawlerRequest":true}