Connect with us

Top Stories

Trump visits the Federal Reserve, tussles with Jerome Powell : NPR

Published

on


President Trump sparred with Fed Chair Jerome Powell over the final cost of the Federal Reserve’s renovations during an unusual visit to the central bank.

Chip Somodevilla/Getty Images North America


hide caption

toggle caption

Chip Somodevilla/Getty Images North America

President Trump visited the Federal Reserve on Thursday to inspect an ongoing renovation of the central bank’s Washington, D.C., buildings — and in an unusual moment, then disagreed with Fed Chair Jerome Powell about the final cost of the project.

The Fed’s expensive renovation project has become a point of contention as the president seeks to pressure the central bank to lower interest rates more quickly. Its cost has soared from $1.9 billion to $2.5 billion in recent years.

During the visit, Trump and Powell, accompanied by Sen. Tim Scott, the South Carolina Republican chair of the Senate Banking Committee, stopped to address news cameras.

Trump, waving a document, claimed the costs had now reached $3.1 billion as Powell visibly shook his head in disagreement.

“So we’re taking a look and it looks like it’s about 3.1 billion [dollars],” Trump said. “Went up a little bit — or a lot.”

“I haven’t heard that from anybody at the Fed,” Powell responded.

The Fed chair then took the document, looked at it and said the additional costs the president was citing had been for a separate building whose construction was completed five years ago.

Trump then appeared more conciliatory as reporters shouted questions.

“I don’t want to be personal. I just would like to see it get finished,” Trump said referring to the ongoing renovations. “And in many ways, it’s too bad it started, but it did start. And, and it’s been under construction for a long time.”

Trump also appeared to avoid delving into his recent criticisms of Powell.

“Well, I’d love him to lower interest rates, but other than that, what can I tell you?” Trump said as Powell chuckled.

Presidents don’t usually visit the Fed

Trump’s visit marks the first time a president has visited the Federal Reserve since 2006, when President George W. Bush attended the swearing-in of Ben Bernanke, a previous chair of the central bank.

That’s because the Fed has long protected its independence in setting interest rates, which is critical in retaining the confidence of global investors. Presidents in modern times have mostly respected the Fed’s independence and sought to avoid being seen as interfering with its decisions.

But Trump has been relentlessly attacking Powell, describing the Fed chair as a “numbskull” and as “too late” to cut interest rates.

Powell appears before the Senate Banking Committee in Washington, D.C., on June 25, 2025 as part of his semi-annual testimony before Congress.

Powell appears before the Senate Banking Committee in Washington, D.C., on June 25, 2025 as part of his semi-annual testimony before Congress.

Kent Nishimura/Getty Images North America


hide caption

toggle caption

Kent Nishimura/Getty Images North America

The Fed has held interest rates steady this year, in large part over concerns that the president’s tariffs could spark an increase in inflation. The latest data showed consumer prices rising 2.7% from a year ago, at a faster clip than the previous month.

That uptick makes it unlikely the Fed will cut rates at its next policy meeting later this month, despite Trump’s pressure.

Trump has threatened to fire Powell

President Trump’s frustrations boiled over last week when he threatened to fire Powell. Later, he backed down — without fully ruling it out.

The Fed has not responded to Trump’s criticism, but Powell has previously made clear he intends to serve out his term as Fed chair, which expires in May. Last year, when asked if he would resign if Trump requested it, Powell responded with an emphatic “No.”

An attempt to fire Powell would likely roil financial markets and lead to a huge legal fight. Legal scholars believe a Fed chair can only be fired “for cause,” such as for breaking the law.

The Trump administration’s attacks against the Fed renovation project are seen as another way to ramp up pressure on Powell, and potentially as a reason to fire him — though legal scholars have said such an excuse is unlikely to pass legal muster.

The Fed chair has previously pushed back, attributing the cost overruns to mitigations for lead and asbestos, as well as to inflation, which has raised the cost of building projects nationwide.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Top Stories

Top Democrat says intelligence briefing cancelled after attacks by far-right Laura Loomer | US politics

Published

on


Senator Mark Warner said on Wednesday that a meeting he had scheduled at the headquarters of a US intelligence agency was cancelled following online attacks by the far-right activist and conspiracy theorist Laura Loomer.

Warner, the Democratic vice-chair of the Senate intelligence committee, was set to visit the National Geospatial-Intelligence Agency in Virginia in what he described part of his “responsibility to provide oversight and support to our intelligence community”.

The administration rescinded the invitation after Loomer initiated a “campaign of baseless attacks” against him and the agency’s director, Trey Whitworth, he said.

“I can’t overstate how unprecedented and dangerous this is,” Warner said in a fundraising email. “This administration is taking its marching orders from Laura Loomer – a wackjob with a long history of outlandish fringe views, including 9/11 denialism, anti-Muslim harassment campaigns, and associations with white supremacists.”

Loomer posted on social media in recent days complaining that the director of an intelligence agency was hosting a “rabid ANTI-TRUMP DEMOCRAT SENATOR”. She celebrated the cancellation, calling Warner a threat to national security and arguing he should be removed from the Senate committee.

“He weaponized our intelligence agencies to push the debunked Russia Collusion Hoax,” she wrote.

She told the New York Times Warner should “be removed from office and tried for treason”.

Warner told reporters that the decision to cancel the previously unpublicized meeting was made by the office of the defense secretary.

The incident illustrates Loomer’s enduring influence within Donald Trump’s administration. The 32-year-old, who has previously described herself as “a proud Islamophobe”, has acted as a national security and foreign policy adviser to the president. In April, Trump fired six staffers after Loomer gave him a list of people she believed were not sufficiently loyal to the president.

Last month, the administration announced it was planning to stop issuing visas to children from Gaza seeking medical care after complaints from Loomer.

Warner argued that Loomer is “basically a cabinet member at this point” and that Trump and his administration were “caving to whatever she wants”.

“This nakedly political decision undermines the dedicated, nonpartisan staff at [the] NGA and threatens the principle of civilian oversight that protects our national security,” Warner said in a statement.

“Members of Congress routinely conduct meetings and on-site engagements with federal employees in their states and districts; blocking and setting arbitrary conditions on these sessions sets a dangerous precedent, calling into question whether oversight is now allowed only when it pleases the far-right fringe.”



Source link

Continue Reading

Top Stories

Old master painting looted by Nazis recovered a week after being spotted in Argentinian property listing | Nazism

Published

on


Authorities in Argentina have recovered an 18th-century painting stolen more than 80 years ago by the Nazis from a Jewish art dealer in Amsterdam, a week after it was spotted by chance in a real estate listing.

The painting, the long-lost Portrait of a Lady (Contessa Colleoni) by the Italian master Giuseppe Ghislandi, was looted in the second world war. It was handed over on Wednesday to the Argentinian judiciary by the daughter of the late Nazi financier Friedrich Kadgien, Patricia Kadgien, who has been under house arrest with her husband since Tuesday.

Prosecutors allege the couple tried to conceal the stolen artwork. They face a hearing on Thursday on charges of concealment and obstruction of justice. The Guardian contacted her legal representatives, who declined to comment.

The Dutch newspaper AD traced the painting after a years-long investigation that took a breakthrough turn last week when one of its reporters found Kadgien’s house in an online property listing in the seaside city of Mar del Plata.

A photo in the listing showed the missing artwork – last seen in 1946 and belonging to the Dutch Jewish art dealer Jacques Goudstikker – hanging above a sofa in the couple’s living room. AD published its findings on 25 August.

The next day, federal prosecutor Carlos Martínez ordered a raid on the property, but the painting was no longer there. Police seized two unlicensed firearms and two mobile phones.

Four additional raids on Monday uncovered two other paintings that experts believe could date back to the 19th century, along with several drawings and engravings. The judiciary is analysing the works to determine whether they, too, were looted during the second world war.

A member of the Argentine Federal Police (PFA) stands outside a house that was raided in Mar del Plata, Argentina, in the search for the painting. Photograph: Mara Sosti/AFP/Getty Images

A federal court in Mar del Plata placed Kadgien and her husband under 72-hour house arrest on Tuesday.

After the fall of the Third Reich at the end of the second world war, several high-ranking Nazi officials fled to South America.

Friedrich Kadgien was among them. He fled the Netherlands in 1946, first to Switzerland, then Brazil, and finally to Argentina, where he had two daughters. The painting is believed to have accompanied him and to have remained in his family’s possession after he died in Buenos Aires in 1978.

The portrait was among more than 1,000 works of art stolen by the Nazis from Goudstikker, who died in 1940 after falling in the hold of the ship carrying him to safety.

Goudstikker’s heirs plan to reclaim the painting, AD reported.



Source link

Continue Reading

Top Stories

Florida plans to become first state to ban all vaccine requirements

Published

on


Getty Images A child seen receiving a vaccine in 2021. Getty Images

Florida is aiming to become the first US state to cancel all of its vaccine mandates, many of which require children to get jabs against diseases like polio in order to attend public schools.

The state’s top health official, Florida Surgeon General Joseph Ladapo, likened the mandates to “slavery”, in announcing the plans.

“Who am I to tell you what your child should put in your body?” he said. “I don’t have that right. Your body is a gift from God.”

Florida officials did not give a timeline or details on ending the mandates. Several may only be repealed through a vote by the Republican-led state legislature, while others can be scrapped by the state health department.

Ladapo, though, pledged several times during Wednesday’s news conference to end “all of them, every last one of them”.

The surgeon general has been frequently criticised by doctors and health groups, who say he has spread misinformation.

Democratic state lawmaker Anna Eskamani was among those criticising the plan to end all mandates, decrying it as “reckless and dangerous”.

“This is a public health disaster in the making for the Sunshine State,” she posted on X.

While every state requires children to be vaccinated in order to attend public schools, each one has different policies about giving exemptions to the mandates.

Idaho, another Republican-dominated state, loosened many of its rules on vaccines earlier this year, but still requires children to be immunised.

In Florida, students are currently required to be vaccinated against multiple illnesses, including chicken pox, hepatitis B, measles, mumps and polio.

The Florida Education Association, a group representing more than 120,000 school teachers and administrators, also condemned the move, saying health officials are discussing “disrupting student learning and making schools less safe”.

“State leaders say they care about reducing chronic absenteeism and keeping kids in school – but reducing vaccinations does the opposite, putting our children’s health and education at risk,” the statement said.

Getty Images Dr Ladapo, seen at a news conference in 2024. He wears a suit and gestures with his hands while standing in front of the Florida and US flags. Getty Images

Dr Ladapo, seen at a news conference in 2024

According to the World Health Organization, vaccines have saved at least 154 million lives – mostly infants – in the past 50 years.

The US Centers for Disease Control and Prevention (CDC) says that about four million deaths are prevented worldwide each year by childhood vaccinations.

Dr Debra Houry, who resigned in protest last week from her post as the CDC’s chief medical officer, told the BBC that the move in Florida could lead to outbreaks of several preventable diseases among students.

She noted that about 270 children in the US died from influenza this past flu season, and about 90% of those children were unvaccinated, “so vaccines are really important to prevent kids from having these significant diseases”.

Dr Nahid Bhadelia, director of the Boston University Center on Emerging Infectious Diseases, added: “It’s particularly unfortunate for Florida because its such a big travel hub. They have people coming and going from Florida all over the world.”

Dr Bhadelia, who also advised the White House during the Covid pandemic, also told the BBC that the decision may lead to fewer insurance providers covering the cost of the immunisations, leading to increased danger for at-risk adults such as pregnant women.

On Wednesday, a group of Democratic-led states announced they had created an alliance to co-ordinate on health matters, including immunisations, in opposition to the Trump administration’s overhaul and changes to public health programmes and guidance.

The governors of Washington, Oregon and California said they would use guidance from national medical organisations, many of which have rejected the Trump administration’s changes to childhood vaccinations, and lean less on advice from the federal government.

In a joint press release they said Trump was “dismantling” the CDC, and blasted the recent decision by US Health Secretary Robert F Kennedy Jr – a vaccine sceptic – to remove experts from the CDC’s vaccine advisory panel.



Source link

Continue Reading

Trending