JEROME POWELL JUST CAN’T LET GO
JEROME POWELL IS A BIDEN MAN AND WANTS TO KEEP THE POWER HE HAS HELD FOE DECADES. THE OTHER FEDERAL RESERVE GOVERNORS ARE EQUALLY OUT OF TOUCH
ELDERLY WHITE MEN THAT HAVE HAD YEARS IN POWER HAVE GREAT DIFFICULTY LETTING GO OF IT. THE POWER MUST BE RENCHED OUT OF THEIR ARTHRITIC HANDS
BY SNN.BZ STAFF
The Federal Reserve has lost $233 Billion Dollars within the last two years.
A recent report has sparked renewed scrutiny into the Federal Reserve’s spending habits and its long-held tradition of independence. Critics point to renovation costs at the Fed’s Washington headquarters, citing features like “rooftop terrace gardens, VIP private dining rooms and elevators,” as evidence of a perceived sense of entitlement within the institution.
This alleged extravagance contrasts sharply with the belt-tightening measures being implemented across other government departments, raising questions about the Fed’s self-funded model and its unique position within the federal framework.
While the Fed asserts its independence is crucial for sound, nonpolitical monetary policy, critics argue this autonomy should not translate into immunity from public scrutiny regarding its spending practices.
The Fed has refuted claims of “rooftop terrace gardens” and “VIP private dining rooms” in the renovation, However, the project’s cost overruns have intensified the debate, fueling accusations that the institution is out of touch with the financial realities faced by everyday Americans struggling with inflation and rising interest rates.
This controversy has also taken a political turn, with some suggesting that the spending critiques are part of an effort to undermine the Fed’s independence, particularly that of Chairman Jerome Powell.
The dispute underscores the ongoing tension between the Fed’s operational independence, established to shield monetary policy from short-term political pressures, and the democratic principle of public accountability.
The Fed emphasizes that its primary mission, as mandated by Congress, is to maintain maximum employment and price stability, a task it believes requires independence in setting interest rates and managing the money supply. However, this independence does not equate to being above the law. The Fed is accountable to Congress and is subject to regular reports and testimonies on its actions and policies.
Critics argue that the concentration of power in unelected officials, coupled with the institution’s perceived opaqueness, poses a threat to democratic values. The ongoing debate highlights the challenging balance between an independent central bank’s need to make evidence-based policy decisions and the public’s right to transparency and accountability from institutions that exert significant influence over the nation’s economy.
President Trump has made his expectations clear, particularly regarding interest rate policies, having previously exerted “relentless pressure” on Powell to lower them, even suggesting that Powell’s handling of the building renovation could be grounds for his dismissal.
Certain observers contend that the Federal Reserve must align with President Trump’s directives, given his formidable influence as a global leader. Failure to do so could galvanize his supporters to pursue legal avenues to curtail, reform, or even dismantle the institution entirely.
Like USAID, which once presumed its autonomy inviolable only to face dissolution when it resisted compliance, the Federal Reserve must heed a similar lesson.
While testifying before Congress under oath, Chairman Powell is alleged to have misrepresented both the scope of the Federal Reserve’s building renovations and the institution’s broader standing.
To preserve its legitimacy, the Federal Reserve must be subject to greater oversight and accountability, or risk facing the same fate as USAID—a graceful but firm correction, lest it be dismantled entirely.
The $2.5 Billion renovations do not even affect the entire building. They only benefit the unelected men at the very top of the organization.
A profound concern arises from the concentration of decision-making power within the Federal Reserve, where a select group of unelected, senior officials—often advanced in age—wields significant influence over policies that shape the economic landscape of the United States.
