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Trump Aide Hassett Says Powell Should ‘Move On’ From Fed Board

President Donald Trump's chief economic adviser, Kevin Hassett, stated that former Federal Reserve Chair Jerome Powell should move on from the central bank's board. Hassett argued that Powell's continued presence on the board after stepping down as chair is unprecedented and undermines central bank independence. This push follows an internal report from the Fed's watchdog highlighting management failures and a costly billion-dollar overrun in the renovation of the agency's headquarters, though the watchdog found no misconduct or illegal activity. Meanwhile, the Department of Justice will not reopen a criminal probe into Powell, according to Blanche.

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⚡ Key Developments & Real-Time Context
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  • ✓ Kevin Hassett stated that it is time for Jerome Powell to move on from the Federal Reserve board.
  • ✓ The Fed's watchdog found no misconduct or illegal activity in costly renovations at the central bank.
  • ✓ The Department of Justice will not reopen a criminal probe of Powell, according to Blanche.
🛡️ Source Corroboration: 13 independent reporting domains (100% confidence) ⏱ Read time: ~2 min

What changed

Top economic adviser Kevin Hassett publicly called for Jerome Powell to exit the Federal Reserve board following internal findings regarding headquarters renovations.

Live updates

  1. Trump Economic Adviser Kevin Hassett Urges Jerome Powell to Leave Fed

    President Donald Trump's chief economic adviser, Kevin Hassett, stated that former Federal Reserve Chair Jerome Powell should move on from the central bank's board. Hassett argued that Powell's continued presence on the board after stepping down as chair is unprecedented and undermines central bank independence. This push follows an internal report from the Fed's watchdog highlighting management failures and a costly billion-dollar overrun in the renovation of the agency's headquarters, though the watchdog found no misconduct or illegal activity. Meanwhile, the Department of Justice will not reopen a criminal probe into Powell, according to Blanche.

    Why it matters

    The mounting pressure on central bank leadership coincides with broader scrutiny of the institution's bureaucracy and spending. President Donald Trump has also formed a committee to investigate Federal Reserve Governor Lisa Cook over alleged false statements linked to mortgages, marking a sustained second-term push targeting Fed officials.

    What is confirmed

    • Kevin Hassett stated that it is time for Jerome Powell to move on from the Federal Reserve board.
    • The Fed's watchdog found no misconduct or illegal activity in costly renovations at the central bank.
    • The Department of Justice will not reopen a criminal probe of Powell, according to Blanche.

    What to watch next

    • Decisions by Jerome Powell regarding whether to resign or remain on the Federal Reserve board.
    • Developments from the newly formed presidential panel probing Federal Reserve Governor Lisa Cook.
    Sources used for this update (12)
    1. The New York Times — Fed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
    2. Politico — DOJ will not reopen criminal probe of Powell, Blanche says
    3. Cato Institute — A $1 Billion Overrun and a Promotion: The Fed’s Bureaucracy Problem
    4. foxbusiness.com — Trump economic advisor says 'it's time' for Powell to leave Fed, calls extended tenure 'unprecedented'
    5. Yahoo Finance — Trump Aide Hassett Says Powell Should ‘Move On’ From Fed Board
    6. Barron's — Hassett Says Fed's Powell Should Move On; Polls, Inflation; Musk; SpaceX, and More
    7. finance.yahoo.com — Trump Aide Hassett Says Powell Should ‘Move On’ From Fed Board
    8. www.yahoo.com — Trump adviser Hassett urges Powell to leave Fed board after ...
    9. sg.finance.yahoo.com — Trump aide Hassett says Powell should 'move on' from Fed board
    10. www.foxbusiness.com — Kevin Hassett says Powell should 'move on' to preserve Fed ...
    11. finance.yahoo.com — Powell Can Decide Own Future, NEC's Hassett Says
    12. uk.finance.yahoo.com — Trump forms panel to probe US Fed governor Lisa Cook
    confidence 100%
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