Congressman Hamadeh Calls on Federal Reserve Chairman Powell to Resign
WASHINGTON D.C. - On Monday, Congressman Abraham Hamadeh (AZ-08) urged Federal Reserve Chairman Jerome Powell to step down in light of his “gross mismanagement” of the Federal Reserve’s headquarters renovation project, apparent lack of candor, failure to accurately assess the effects of tariffs, and refusal to lower interest rates for the good of the nation in a timely manner.
“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.”
Congressman Hamadeh noted in his letter to Powell that the “ostentatious" $2.5 billion overhaul of the Federal Reserve's campus is $700 million over budget.
Congressman Hamadeh is concerned that Powell’s failures have caused home ownership to be cost prohibitive for too many young tax-paying families, while the burden for the Federal Reserve’s campus renovations fall on those same taxpayers.
“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,” wrote Congressman Hamadeh in his letter. “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.”
"White House economic adviser Kevin Hassett has said that President Trump has the authority to fire Chairman Powell for cause," stated Congressman Hamadeh. "It shouldn't have to come to that. 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."
Read Congressman Hamadeh's letter here.