Trump: Powell Should "Resign Immediately" If He Misleads Congress

According to ChainCatcher, U.S. President Trump stated at a cabinet meeting on Tuesday that if allegations regarding Federal Reserve Chair Powell misleading Congress about the Fed headquarters renovation project are true, the Fed Chair should "resign immediately."

Trump reiterated his criticism of Powell, calling him "absolutely terrible," and told reporters that deceiving Congress would be grounds for immediate resignation. "Then he should resign immediately," Trump said. "We need to replace him with someone who will cut rates." Trump has continued to attack Powell's policy stance of keeping interest rates unchanged, and last month declared he would choose a successor who supports rate cuts.

Previously, media reports revealed that the Fed headquarters renovation project faced soaring costs and extravagant features. Powell recently refuted these reports during a Senate hearing, stating that they were "misleading and inaccurate in many respects."