Jerome Powell is determined to complete his term as Chairman of the Federal Reserve (Fed) despite all political pressures, including from former President Donald Trump.
He stated that he would not resign unless he died, while facing criminal allegations of lying in the $2.5 billion Fed headquarters renovation project.
MAIN CONTENT
Powell insists he will not leave the position of Fed Chairman before completing his term unless he dies.
Allegations of fraud related to the Fed headquarters renovation project are increasing.
Donald Trump and Congress may continue to apply political pressure on Powell.
Is Jerome Powell truly determined to complete his term as Fed Chairman?
According to the book Trillion Dollar Triage by journalist Nick Timiraos, Powell once assured colleagues that he would not leave this position under any pressure, including from Donald Trump. At a congressional hearing in 2019, he committed to fulfilling the four-year term as mandated by law until the end. This is a testament to his dedication and professionalism in his role as head of the most important monetary agency in the United States.
"You will not see me in a lifeboat. I will never leave office until my term ends, regardless of the circumstances, except for death."
Jerome Powell, Fed Chairman, spoke privately (2019), quoting from the book Trillion Dollar Triage.
What legal allegations is Powell facing related to the Fed headquarters project?
By early 2025, Powell faced strong criticism regarding the Fed headquarters upgrade costs in Washington, D.C., where the initial project was estimated at $1.9 billion but rose to $2.5 billion. Some congressional lawmakers have accused him of lying about the reasons for the cost increase, leading to requests to transfer the case to the Department of Justice (DOJ) for investigation of allegations of providing false information.
"According to reliable congressional sources, there may be criminal referrals from one or more lawmakers sent to the DOJ regarding Jay Powell's lies about the $2.5 billion building."
Bill Pulte, Chairman of the Fannie Mae and Freddie Mac Boards, posted on social media X (2025)
How did Donald Trump and Congress respond to Powell's scandal?
Trump once expressed the view that the Fed headquarters project contained many wasteful expenditures and could be grounds for firing Powell due to suspected fraud, although he acknowledged that this possibility is very low. At the same time, lawmakers also expressed skepticism about Powell's explanations regarding objective construction difficulties such as soil contamination and cost increases due to inflation.
Powell affirmed details such as no lavish decorations, no taxpayer money, with costs funded by the Fed. However, political pressure continues to mount, challenging his commitment amidst various forces.
How controversial are the details of the Fed headquarters renovation project?
The project was authorized in 2017 with a budget of $1.9 billion, starting construction in 2021. The excess cost of $2.5 billion was explained by Powell due to 'unpredictable conditions' such as asbestos contamination, toxic soil, and high groundwater levels. CNN reported that Powell requested an additional audit from the Fed inspector to ensure transparency in payment processes and project oversight.
Fed Project Information Factor Initial Budget $1.9 billion (2017) Final Cost $2.5 billion (estimated) Reasons for Cost Increase Asbestos, pollution, high water level, inflation Funding Method Funded by the Fed, not using taxpayer money.
Frequently Asked Questions
What has Jerome Powell previously stated about resigning?
He once asserted that he would only resign when he dies, despite pressure from the president or other forces, demonstrating his commitment to complete the full four-year term.
What are the legal allegations against Powell regarding the renovation project?
He is accused by Congress of lying and providing false information regarding the $2.5 billion Fed headquarters upgrading costs, which is currently under investigation by the Department of Justice.
What did Donald Trump say about Powell's project scandal?
Trump believes this could be a legal reason to fire Powell due to suspected fraud, but he also stated that this possibility is very low.
What was the initial budget for the Fed headquarters project?
The initial budget for the project was $1.9 billion, but the actual costs rose to $2.5 billion due to many uncontrollable construction conditions.
Does the Fed use taxpayer money to fund the project?
Powell confirms that the project is self-funded by the Fed, without using taxpayer money.
Source: https://tintucbitcoin.com/jerome-powell-chi-chet-moi-nghi-fed/
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