Trump's potential Federal Reserve nominees' qualifications being scrutinized by Bessent
The ongoing renovation of the Federal Reserve's headquarters in Washington, D.C. has become a point of contention, with Treasury Secretary Scott Bessent expressing concerns about potential financial losses. The project, initially estimated to cost $1.9 billion in 2021, has seen an increase to $2.5 billion due to unforeseen conditions such as more asbestos than anticipated, toxic contamination in the soil, and a sinkhole.
President Donald Trump has accused the renovation project of including lavish dining rooms, private elevators, and rooftop garden terraces, but Federal Reserve Chairman Jerome Powell, who was appointed by Trump in 2017, has dismissed these claims. Powell's term will come to an end in May 2026.
As the search for a new Federal Reserve Chairman heats up, Treasury Secretary Bessent has outlined qualities for potential candidates. These include being forward-looking on regulation and having broad financial knowledge to bring credibility to the markets. President Trump's search is reportedly down to 'three or four' candidates, with an announcement coming 'a little bit early'.
Meanwhile, Bessent has also expressed a desire to see someone who can rationalize the Fed, implying a need for efficiency in the organization. The Fed's Washington, D.C.-based employees are expected to return to the building in March 2028 after the renovation is completed, which is expected to be in the fall of 2027.
In a separate development, the director of the Federal Housing Finance Agency has expressed confidence that a congressional panel will look into allegations surrounding the renovation project. The Fed has not provided any new information about Jerome Powell's term completion date or the search for a new chairman.
The ongoing controversy surrounding the Federal Reserve's renovation and leadership changes is expected to continue as both parties work towards finding a solution that satisfies all parties involved.
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