๐บ๐ธ Senator Cynthia Lummis calls for Fed Chair Jerome Powell to resign.
"Powell has proven time and time again that he is unfit to run the Fed. He must resign now."
Senator Cynthia Lummis has indeed called for Federal Reserve Chair Jerome Powell to resign, citing his alleged mismanagement and "don't bother me" attitude. This demand follows Powell's testimony before the Senate Banking Committee, where Lummis claims he made factually inaccurate statements regarding the Fed's $2.5 billion building renovation project, which includes luxury features like a private dining room, rooftop terrace, and skylights.
Lummis isn't alone in her criticism; FHFA Director Bill Pulte has also been vocal about Powell's supposed malfeasance and is asking Congress to investigate the Fed Chair for providing misleading testimony about the renovation project. Pulte believes Powell's actions warrant removal "for cause".
Key Criticisms Against Jerome Powell:
Misleading Testimony: Powell allegedly made factually inaccurate statements about the Fed's building renovation project.
Mismanagement: Critics argue that Powell has shown a "don't bother me" attitude, contributing to his perceived unfitness for the role.
Interest Rate Decisions: Powell's stance on interest rates has also drawn criticism, with some arguing he should cut rates further to support the economy.
Other Notable Figures Weighing In:
Donald Trump: The US President has also called for Powell's resignation, labeling him "terrible" and criticizing his handling of interest rates.
Bill Pulte: As FHFA Director, Pulte has been a vocal critic of Powell's policies and has requested a congressional investigation into the Fed Chair's actions.