BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation
BREAKING: Fed Chair Jerome Powell Reportedly Weighing Resignation Amid Mounting Pressure Over $2.5B HQ Renovation
A senior Trump administration official indicated on Friday that Federal Reserve Chair Jerome Powell is reportedly considering his resignation. This comes amidst intensified calls for an investigation into whether Powell misled Congress regarding the central bank’s lavish $2.5 billion headquarters renovation in Washington, D.C., which critics have dubbed a “Palace of Versailles.”
Pressure on Powell has mounted significantly. Bill Pulte, chair of US government-backed mortgage lenders Fannie Mae and Freddie Mac, posted on X about reports of Powell’s wavering, while another senior government official cited “high-level, credible sources” within the administration believing Powell is contemplating stepping down due to “fatigue” and “feeling the heat” since the renovation story broke in April.
President Trump has actively contributed to the pressure campaign. On Thursday, he appointed three new members to the National Capital Planning Commission (NCPC), seen as a strategic move to push Powell out. Adding to this, Office of Management and Budget chief Russ Vought sent a letter to Powell on Thursday, expressing the President’s “extreme trouble” with his management of the Fed and demanding answers by next week regarding the project’s ballooning costs and alleged breaches of the National Capital Planning Act.
Powell has faced accusations of misleading Congress after denying aspects of the renovation during a June 25 hearing, claims contradicted by the project’s own planning documents and a recently obtained Fed 2025 budget via FOIA, which confirmed the staggering $2.5 billion cost. While a White House insider insists there are “no plans to change the Fed chair” and a Fed spokesman declined comment, pointing to Powell’s April 4 statement of intent to serve his full term until May 2026, the ongoing scrutiny suggests his position remains tenuous. Potential successors mentioned include Kevin Hassett, Scott Bessent, or Kevin Warsh.
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