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July 27, 2025: Russell Vought, the head of the Office of Management and Budget (OMB), said on Sunday that the Federal Reserve was “fiscal mismanagement,” which made things worse between the White House and the central bank.
During an interview on CBS News’s “Face the Nation,” Vought said these things. Vought added, “The President has been very clear that all he wants from the Fed is lower interest rates because he thinks it’s important.” Then he connected this to what he called “fiscal mismanagement at the Fed” when it came to fixing up this facility.
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This charge comes after President Trump and Chair Jerome Powell recently visited the Federal Reserve headquarters to see a big, controversial redevelopment project. The administration has openly denounced the project as over budget. In response, Powell has made the president angry by keeping interest rates unchanged, saying that the economy is too unpredictable.
There had been months of talk about Trump’s desire to replace Powell, but on Thursday, the President seemed to change his mind, saying that Powell was under “no pressure” to leave before his tenure ends in May. Trump said, “I think he’s going to do the right thing,” which meant cutting interest rates.