The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

The US president’s broadsides against the Fed chair have prompted concern about the independence of the US central bank.

Fed Reserve Chair Jerome Powell responded to the Trump administration's inquiry about its $2.5 billion headquarters renovation, addressing concerns about cost overruns and project details.

The treasury secretary’s latest comments contrast with his earlier alleged role as peacemaker. The president, meanwhile, continued to rail against the Fed chief and the outlet that characterized Bessent as a cooler head prevailing.

President Trump's appointees urged the use of marble in a Federal Reserve renovation to increase transparency, clashing with central bank values. Trump criticizes Fed Chair Powell for cost overruns, possibly signaling mismanagement.

The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.

The National Capital Planning Commission has become pivotal in the administration’s campaign to discredit Jerome H. Powell, the chair of the Federal Reserve.

While speaking to reporters, Donald Trump replied to a question about Federal Reserve Chairman Jerome Powell, saying: "You must be kidding" and shaking his head. A reporter asked President Donald Trump on Tuesday about Jerome Powell outside the White House after Trump said he received a "very quick briefing" on Jeffrey Epstein.

President Donald Trump recently suggested Federal Reserve Chair Jerome Powell should be fired over renovations to the agency's headquarters worth billions.