One of Trump's biggest wishes after taking office was for the Federal Reserve to cut interest rates; however, Federal Reserve Chairman Powell has always insisted that 'given the current situation, it is not suitable to cut rates.' Powell has thus been viewed as a thorn in Trump's side.
Powell firmly believes that his decisions are based on scientific analysis and the results of collective research by the Federal Reserve. However, Trump believes that Powell's actions are a direct confrontation against him, deliberately opposing him. Therefore, Trump not only publicly calls Powell a 'fool' but also openly states that he seeks to remove Powell from the position of Federal Reserve Chairman. Although the U.S. president does not have the direct power to remove the Federal Reserve Chairman due to U.S. law, it does not mean that Trump cannot force Powell to resign through other means.
Now, Trump has finally caught Powell's small flaw: the renovation project of the Federal Reserve headquarters, which Powell oversees, may have significant issues. Not only is the budget overrun by $700 million, but the renovation cost is also extremely high, with nearly $20,000 per square foot (approximately 150,000 RMB per square meter).
After catching this small flaw, Trump began to relentlessly pursue, posing 11 questions to Powell through relevant individuals and departments:
For example: Why does the renovation plan include 'rooftop terrace gardens, VIP private dining rooms and elevators, water features, natural marble... these non-essential projects'?
For example: Has the budget and budget increase been fully and comprehensively approved by the planning committee?
Currently, faced with Trump's relentless pressure, Powell is forced to explain:
The Federal Reserve headquarters has not been renovated since its completion over 100 years ago, and the renovation project was first approved by the board in 2017. Thereafter, the annual budget must be approved by the board each year. The board's independent inspector general's office (Office of Inspector General - OIG) has full access to information regarding project costs, contracts, schedules, and expenditures, and receives monthly construction schedule reports.
For a more detailed explanation, Powell presented a testimony that reportedly contains reasonable explanations for the 11 questions posed by Trump.
But now Trump's purpose in obsessing over this matter is to target the person, not the issue; the goal is to use this matter to remove the thorn in his side and force Powell to resign.
