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Trump and Gavrran Jerome Powell of American Central Bank during bank visit.
US President Donald Trump visited the headquarters of the Federal Reserve (Central Bank) on Thursday. He criticized the Chairman (Governor) Jerome Powell and questioned the renovation cost of the Federal Office. During this time there was a debate between the two.
Trump claimed that the cost of renovation is $ 3.1 billion (27 thousand crores). On this, Powell expressed disagreement and said- I am not aware of it. No one in the Federal Reserve said that.
According to the Federal Reserve, the renovation cost is $ 2.5 billion (23 thousand crores). Trump then took out a document from his pocket and handed over to Powell. Seeing the document, Powell returned it and said that Trump is ‘adding the third building at the cost’.
Trump replied- This building is being built, but Powell immediately said- This building has been built five years ago, it is not new.
Trump said- Powells interest rates
Prior to the tour, Trump told reporters that his government is monitoring the work being done in the Federal Reserve. Trump said that he wants the renovation work to be completed and the Powell benchmark should cut interest rates.
Trump has already criticized Powell in front of social media and journalists. This meeting further exposes the tension between the two.
After the tour, Trump wrote on social media that the renovation work has to take a long time, if it had never been started, it would have been much better, but what is there.
Trump appointed Powell
Trump appointed Powell as the chairman of the Federal Reserve in 2017, but in 2018, Trump started criticizing Powell for the decision to raise interest rates. Trump told Washington Post that he is “a little happy” with Powell’s appointment and the policies of the Federal Reserve are in “wrong direction”
Apart from this, he has called Powell hate and stupid. Talked about taking him out of Powell’s job several times.
Trump’s emphasis on cutting government spending
Trump has been continuously insisting on cutting the spending spending since Trump was sworn in on 20 January. For this, he started the ‘Department of Government Efficiency’ (DOGE) in the leadership of Ellon Musk, which reduced the sorting of thousands of government employees and the expenses of several agencies.
In addition, Trump proposed to cut $ 163 billion non-defense spending for 2026, including health, education, housing and climate programs.
Trump resorted to executive order to freeze several funding without the approval of the Congress (Parliament).
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