On July 22, PANews reported that U.S. Treasury Secretary Basant publicly supported Federal Reserve Chairman Powell amid frequent criticisms from officials in the Trump administration, stating that he sees no reason for him to step down at this time. In an interview with Fox Business Channel on Tuesday, Basant said, "There are no signs that he should resign now; his term will end next May. If he wants to stick it out, I think he should. If he wants to leave early, I think that's fine too." For months, Powell has faced criticism from Trump for leading the Fed to keep interest rates unchanged, concerned about the inflation impact of tariffs raised by the government. This month, some Republicans also raised objections to a costly renovation plan for the Federal Reserve building proposed to Bernanke. On Monday, Basant called for an internal review of the Fed's non-monetary activities, including the renovation project. Basant stated, "There is a real opportunity for him now, and it is part of his legacy — to rationalize the non-monetary policy functions of the Fed."
