Source: Global Times

[Global Times report] According to the U.S. Consumer News and Business Channel (CNBC) and Bloomberg, the White House schedule shows that U.S. President Trump will visit the Federal Reserve on the afternoon of the 24th local time. CNBC said that this is Trump's intensifying pressure on Federal Reserve Chair Powell.

The Federal Reserve Building, a photo from foreign media

CNBC said that this is the first time in twenty years that a U.S. president has formally visited the Federal Reserve. U.S. presidents have always respected the independence of the Federal Reserve, both in legal terms and in practice, the Federal Reserve is not influenced by the political will of government officials. Trump's visit is a significant symbolic act of the U.S. government influencing the independence of the Federal Reserve.

Trump nominated Powell as the chair of the Federal Reserve in 2017, his term ends in May 2026. The Federal Reserve led by Powell has been unwilling to comply with Trump's repeated requests for further rate cuts, which has frustrated Trump, leading him to threaten to fire Powell on multiple occasions.

According to reports from multiple media outlets, the Trump administration on the 2nd of this month requested Congress to investigate Powell, citing "political bias" and "false statements before Congress", accusing him of major violations in the renovation project of the Federal Reserve headquarters and allegations of luxurious decoration. He also claimed that Powell intentionally concealed facts and adopted a negative attitude during congressional inquiries, and should be "removed and held accountable". In response to the inquiry, Powell admitted that the renovation project exceeded the budget, but denied the luxury decoration accusation, arguing that the renovation was to meet "safety and modernization" requirements.

Original article: https://www.toutiao.com/article/7530528383491408447/

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