"Don't forget, our Federal Reserve is not at all a part of our Constitution. It's a creature of the U.S. Congress, created by the Federal Reserve Act 1913."

The Fed vice chair who leads banking oversight, Michelle Bowman, comes across as a crypto evangelist as she echoes industry views on its regulatory needs.

Trump has used the renovation project as both a literal and symbolic example of what he has often described as government waste. Speaking to reporters last week, Trump called the construction effort “a disgrace,” and accused Fed officials of overspending at a time when inflation remains high and interest rates are biting into household budgets.

The Federal Reserve has ended its “novel activities” supervision program, folding crypto and fintech oversight back into normal bank supervision.

There have been many calls for reform. None of them have actually done wholesale reform, though many of them have applied band-aids," Lisa Harrington said.

President Donald Trump on Wednesday demanded the resignation of Lisa Cook, a member of the Federal Reserve Board of Governors, in his latest effort to bend the independent central bank to his will.

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.

“The White House has been aggressively pushing Dr. Miran’s nomination to the Federal Reserve Board, setting the stage for his quick confirmation when the Senate returns in September,” said a White House official Tuesday. “With the President’s strong backing, there’s clear momentum to get this done.”