() Office of Management and Budget Director Russell Vought sidestepped a question from this morning about who may succeed Jerome Powell as chairman of the Federal Reserve on Friday.
Tensions between President Trump and Powell have continued to escalate over interest rate policy.
Asked by ‘s Libbey Dean whether the president has discussed potential replacements for Powell, Vought said, “Those are announcements that he will make at the appropriate time, when he’s ready to do it.”
Trump has repeatedly criticized Powell and suggested replacing him, though the Supreme Court has indicated a president likely does not have the authority to fire a Federal Reserve chair.
The Fed has so far resisted pressure to cut interest rates, but the White House continues to ramp up its push.
“I think the president has a policy view with regard to we need lower rates, he has a policy with regards to the fact that Jerome Powell has been late repeatedly, the Fed has been mismanaged.” Vought said this morning.
Vought also addressed the controversy over the Fed’s planned $2.5 billion headquarters renovation.
“This is about the renovations that are occurring, the extent to which they are largess,” he said. “The cost that we’re now talking about is $2.5 billion. He (Trump) is a developer, and the size of this project is something that should never have gone forward.”
On Thursday, Vought sent a letter to Powell saying the president is “extremely troubled” by the expensive Federal Reserve renovation plans.
