White House National Economic Council Director Hassett: Powell should leave the Federal Reserve Board

President Donald Trumps chief economic adviser called for former Fed chair Jerome Powell to leave the Federal Reserves board after an internal report pointed to management failures in its headquarters renovation project. I think its time for him to leave, and its time to respect Fed independence, White House National Economic Council director Kevin Hassett said on Fox Newss Sunday Morning Futures when asked whether Powell should resign. The Feds internal watchdog said in a September 30 report that it found no evidence of criminal wrongdoing and did not identify any administrative misconduct related to the $2.4bn renovation, but noted that management deficiencies were partly to blame for costs nearly doubling from the original budget. Trump subsequently posted on social media that Powell should be forced to resign from the board. Trump repeatedly pressured Powell to cut interest rates during his tenure as Fed chair.