Trump Demands Fed Chair Powell Resign Amid Renovation Controversy

Welcome to The Hill’s Business & Economy Newsletter — your daily digest of politics, Wall Street, and the latest economic developments.

The Big Story: Trump Says Powell Should “Resign Immediately”

Former President Donald Trump is once again calling for Federal Reserve Chair Jerome Powell to step down — this time in response to accusations that Powell misled lawmakers during a recent Senate hearing.

Trump made the demand Wednesday on Truth Social, writing that Powell should resign “Too Late!!!” — using his preferred nickname for the Fed chief. The post came shortly after a high-profile critic, Federal Housing Finance Agency (FHFA) Director Bill Pulte, urged Congress to investigate Powell’s testimony about the ongoing $2.5 billion renovation of the Federal Reserve’s Washington, D.C. headquarters.

Trump also linked to a Bloomberg report detailing Pulte’s sharp criticism. Pulte accused Powell of lying under oath about the scope and cost of the renovations when questioned by members of the Senate Banking Committee last week.

Powell’s Defense — and Pulte’s Rebuttal

During the hearing, Powell clarified that some of the more extravagant items being cited — including luxury amenities — were part of outdated plans that had since been scrapped. He maintained that the remaining expenses, such as elevator repairs and restoring marble features, were routine upkeep for the historic building.

Pulte, however, claimed Powell’s comments were “deceptive” and intentionally misleading, arguing they constituted valid grounds for dismissal.

Read more from Brett Samuels [here].

Essential Reads: Business & Economy Highlights

Waffle House Drops Egg Surcharge

Waffle House announced Tuesday it is removing the temporary surcharge added to orders earlier this year due to skyrocketing egg prices. The fee had been implemented in February to offset rising ingredient costs.

[Full Story]

Trump Tariff Plan Could Cost U.S. Employers $82.3 Billion

A new economic analysis warns that midsize American businesses could lose between $82.3 billion and $187.7 billion if Trump moves forward with his broad-based tariff plan. Employers could face steep price hikes, layoffs, and hiring freezes as a result.

[Full Story]

Tax Watch: Inside the $6,000 Senior Deduction in Trump’s Mega-Bill

The Senate-approved version of President Trump’s tax and spending proposal — dubbed the “One Big Beautiful Bill” — includes a generous new provision for seniors.

The bill introduces a $6,000 tax deduction for individuals aged 65 and older. For couples filing jointly, the deduction would be $12,000. The benefit is fully available to seniors with incomes up to $75,000 ($150,000 for couples) and phases out entirely above $175,000 ($250,000 for couples).

Currently, seniors can claim a $15,000 standard deduction ($30,000 for couples) plus an additional $2,000 ($3,600 for couples) senior deduction. The new plan would increase those totals significantly and exempt nearly 88% of seniors from paying any tax on Social Security income — up from 64% today.

The Ticker: What We’re Watching

The Labor Department’s June jobs report drops Friday at 8:30 a.m. EDT. Analysts are watching for signs of cooling in the job market as policy uncertainty rises.

In Other News

• Sean “Diddy” Combs acquitted of most serious charges — here’s where his business empire stands now. (AP)
• DOGE government layoffs? With the June jobs report approaching, some analysts warn that cryptocurrency-related firms may begin trimming staff. (CNBC)
• He made billions in tech, now he’s betting on news — a deep dive into one mogul’s pivot into the media world. (NYT)

Enjoying this newsletter? Subscribe [here] to get The Hill’s Business & Economy briefing in your inbox daily.