"Trump has long criticized Powell and urged him to lower interest rates. There are practical implications to the president's decision-making here or the administration's decision-making. I don't know that the president personally had anything to do with it, and that is on the Hill. If he wants to replace Jerome Powell in May with a new Fed chair, you're going to have confirmation issues, Jennings argued."
"Another implication, according to Jennings, will be attracting others to the job as they may see it as simply entering a meat grinder. Jennings said: When you interview people for this, whoever you want to pick is going to ask you, Are you going to come after me if I displease you? And so you may have trouble attracting the people that you want for the job."
"So I don't know where this is going. I actually agree with Sen. Thune. If you're going to get into something like this, you better have something because if you don't, you're creating a whole raft of political problems when really the outcome you want is to get rid of this guy and to get your own person there that you think is going to set better monetary policy. That now seems to be a bit more complicated."
A probe into Federal Reserve Chair Jerome Powell over the multi-year Fed building renovation and significant cost overruns could produce practical and political consequences. Allegations that Powell is either incompetent or corrupt stem from billions in budget overruns tied to testimony before Congress. Potential consequences include confirmation difficulties for any May replacement, reduced willingness of qualified candidates to accept the job, and broader political fallout if the probe lacks strong evidence. Those dynamics could complicate efforts to install a preferred Fed chair and affect administration decision-making around monetary policy leadership.
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