By Matthew Holloway |
Arizona Republican Congressman Abraham Hamadeh (R-AZ08) issued a call this week for Jerome Powell, Chairman of the Federal Reserve, to resign. Hamadeh cited a series of failures from Powell in an official Congressional letter sent on Sunday.
“My call for Chairman Powell’s resignation does not come lightly nor without good cause,” stated Congressman Hamadeh. “Considering the recent revelations by Office of Management and Budget Director Russell Vought about Chairman Powell’s gross mismanagement of the Federal Reserve’s headquarters renovation project, and his apparent lack of candor before the Senate Banking Committee, neither does my call come too soon.”
In a post to X Monday, Hamadeh further stated, “Jerome Powell has lost the confidence and ability to effectively Chair the Federal Reserve.”
Senators pressed Powell hard on the ongoing $2.5 billion renovation of the Fed’s headquarters during the Chairman’s semiannual monetary policy hearing before Congress in June. Sen. Tim Scott (R-SC) critcized Powell for the renovations, referring to them as “luxury upgrades that feel more like they belong in the Palace of Versailles.”
James Blair, a White House deputy chief of staff, announced in a post to X, “The Federal Reserve’s Inspector General is considering opening an investigation into the massive cost overruns for their $2.5B+ HQ renovation project.”
Blair was appointed to the National Capital Planning Commission which holds oversight over the project last week.
In his letter calling for Powell to step down, Congressman Hamadeh echoed the words of Director Vought, who questioned the “ostentatious” overhaul of the Federal Reserve Campus and also cited the Chairman’s “failure to accurately assess the effects of tariffs” and “refusal to lower interest rates for the good of the nation in a timely manner,” as causes. He added, “This renovation is $700 million over budget at a time when your political game playing is wreaking havoc with Americans’ budgets. In fact, it is your failure at the Fed that has caused home ownership to be cost prohibitive for too many young families, denying them access to one of the most important facets of the American Dream.”
Hamadeh continued by highlighting Powell’s failed predications on the Trump administration’s tariff system.
He wrote, “Aside from the burden you have placed on taxpayers, who must foot the bill for your frivolous fabrications, you have failed to properly assess the impact of President Donald Trump’s tariff policy. Contrary to your predictions, increasing tariff collections are helping improve government finances with the U.S. Treasury Department posting a $27 billion budget surplus in June 2025.”
Hamadeh acknowledged that “White House economic adviser Kevin Hassett has said that President Trump has the authority to fire Chairman Powell for cause,” but added that “it shouldn’t have to come to that.”
He concluded, “Chairman Powell needs to accept the fact that his political game playing has led to harmful failures and step down for the good of the country.”
Matthew Holloway is a senior reporter for AZ Free News. Follow him on X for his latest stories, or email tips to Matthew@azfreenews.com.
