Kudlow: Jerome Powell Should Resign From Federal Reserve Board (Connecting the Dots: Larry Kudlow, Jerome Powell, The Carlyle Group & The Carnegie/Soros Network)

Kudlow: Jerome Powell Should Resign From Federal Reserve Board (Connecting the Dots: Larry Kudlow, Jerome Powell, The Carlyle Group & The Carnegie/Soros Network)

Newsmax.com

By Newsmax Wires    |   Friday, 02 October 2026 08:44 PM EDT

https://www.newsmax.com/newsfront/larry-kudlow-jerome-powell-federal-reserve/2026/10/02/id/1271551/

Former Trump economic adviser Larry Kudlow called on former Federal Reserve Chair Jerome Powell to leave the central bank.

He said that a watchdog report detailing management failures and soaring costs in the Fed's headquarters renovation provides another reason for Powell to step aside.

Kudlow, an economist, served as President Trump's assistant for economic policy and director of the National Economic Council. He hosts a show on the Fox Business channel.

In a New York Sun column titled "Now Is the Time for Powell To Resign," Kudlow highlighted a Wall Street Journal editorial making a similar case and pointed to President Donald Trump's longstanding criticism of Powell.

Kevin Warsh succeeded Powell earlier this year as Fed chair, but Powell remains a member of the Federal Reserve Board of Governors and the Federal Open Market Committee. His separate term as a governor runs through Jan. 31, 2028.

Trump, who originally nominated Powell to lead the Fed in 2017, became one of his most persistent critics, repeatedly accusing him of waiting too long to lower interest rates. 

Some congressional Republicans also criticized Powell over monetary policy and the renovation project.

Kudlow quoted Trump calling Powell "a disaster" and again attacking his record on interest rates. 

The president has also focused increasingly on the Fed's costly renovation of its historic Washington headquarters.

That project is at the center of Kudlow's argument.

The Federal Reserve's inspector general found serious problems with management of the renovation but said it did not find reasonable grounds to believe federal criminal law had been violated. 

Costs nevertheless soared. The project's overall budget increased from roughly $1.3 billion in 2020 to $2.4 billion by December 2024, while the construction portion of that budget more than doubled, from $921 million to just over $2 billion.

The inspector general cited weaknesses in cost controls, contracting, and project management.

Kudlow, citing the Journal, wrote that the renovation is also running years behind schedule. Construction that was originally expected to be completed in 2024 is now projected to continue into 2027.

Warsh has since brought in the General Services Administration to serve as project executive and help oversee completion of the work.

For Kudlow, the inspector general's finding of no criminal wrongdoing does not end the controversy. 

Instead, he said that it removes a potential legal cloud while leaving Powell accountable for management failures that occurred while he ran the central bank.

Kudlow also renewed broader conservative criticism of Powell's tenure, faulting easy monetary policy during the Biden administration and arguing that the Fed contributed to the inflation surge of that period. 

Kudlow's conclusion is unequivocal: With Warsh now running the Fed and the renovation investigation completed, he said Powell should relinquish the remainder of his board term rather than remain until 2028.

                        Larry Kudlow

https://en.wikipedia.org/wiki/Larry_Kudlow

Early life and education

In 1971, Kudlow enrolled in the master's program at Princeton University's Woodrow Wilson School of Public and International Affairs, but he left before completing his degree.

Early career

Kudlow began his career as a staff economist at the Federal Reserve Bank of New York.^[9] He worked in the division of the Fed that handled open market operations.

In 1970, while he was still a Democrat, Kudlow joined Americans for Democratic Action chair Joseph Duffey's "New Politics" senatorial campaign in Connecticut which also attracted an "A-list crowd of young Democrats", including Yale University law student Bill Clinton, John Podesta, and Michael Medved, another future conservative. Duffey was a leading anti-war politician during the Vietnam war era. Duffey's campaign manager called Kudlow a "brilliant organizer".^[9] In 1976, he worked on the U.S. Senate campaign of Daniel Patrick Moynihan, along with Tim Russert, against Conservative Party incumbent James L. Buckley, brother of William F. Buckley Jr.

Connecting the Dots:

Larry Kudlow was a staff economist at the Federal Reserve Bank of New York, he worked on the U.S. Senate campaign of Daniel Patrick Moynihan, along with Tim Russert, against Conservative Party incumbent James L. Buckley, brother of William F. Buckley Jr. and he enrolled in the master's program at Princeton University's Woodrow Wilson School of Public and International Affairs, but he left before completing his degree.

Lee C. Bollinger was the chairman for the Federal Reserve Bank of New York and is a trustee at the Committee for Economic Development.

William J. McDonough was the president & CEO for the Federal Reserve Bank of New York and a trustee at the Committee for Economic Development.

Peter G. Peterson was the chairman for the Federal Reserve Bank of New York and

a trustee at the Committee for Economic Development.

John E. Sexton was the chairman for the Federal Reserve Bank of New York, the chair Council of Chairs for the Federal Reserve System and is a trustee at the Committee for Economic Development.

Letitia James is the chair for the Committee on Economic Development and the Attorney General of New York.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

William H. Donaldson was a trustee at the Committee for Economic Development, a member of the Sterling Fellows and a member of the Skull and Bones.  

Sterling Fellows are donors of $1 million or more to Yale University.

William (Bill) Clinton received his JD from Yale University.

Skull and Bones is a secret society at Yale University.

John F. Kerry was a member of the Skull and Bones.

George H.W. Bush was a member of the Skull and Bones, a member of the Bohemian Club and an adviser for the Carlyle Group.

Christopher Buckley was George H.W. Bush’s speechwriter, is a member of the Bohemian Club and William F. Buckley Jr’s son.

Jerome H. Powell (Jay) was a partner at the Carlyle Group, the chair of the Federal Reserve and is a governor of the Federal Reserve.

Edward J. Mathias is a managing director at the Carlyle Group and a director at the Economic Club of Washington.

David M. Rubenstein is a co-founder & co-CEO for the Carlyle Group and the president of the Economic Club of Washington.

Carlyle Group is the parent company for Booz Allen Hamilton.

Booz Allen Hamilton is a contractor for the National Security Agency (NSA).

Obamacare is Barack Obama’s signature policy initiative.

Booz Allen Hamilton is a contractor for Obamacare.

Barack Obama’s signature policy initiative is Obamacare and was an intern at Sidley Austin LLP.

Michelle Obama was a lawyer at Sidley Austin LLP.

R. Eden Martin is counsel at Sidley Austin LLP and the president of the Commercial Club of Chicago.

Robert S. Osborne is a member of the Commercial Club of Chicago and was the EVP & general counsel for Booz Allen Hamilton.

Carlyle Group is the parent company for Booz Allen Hamilton.

Newton N. Minow was a member of the Commercial Club of Chicago and a senior counsel at Sidley Austin LLP and an honorary trustee at the Carnegie Corporation of New York.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Carnegie Corporation of New York was a funder for the Brookings Institution (think tank) and a supporter for the American Society for Muslim Advancement.

Vernon E. Jordan Jr. is an honorary trustee at the Brookings Institution (think tank) a senior director at the NAACP Legal Defense & Educational Fund and was the president of the Economic Club of Washington.

Adebayo O. Ogunlesi is a director at the NAACP Legal Defense & Educational Fund and was an attorney at Cravath, Swaine & Moore.

Kevin Warsh was a summer associate at Cravath, Swaine & Moore and sworn in as the chairman of the Federal Reserve.

Frederick A.O. Schwarz Jr. is a senior counsel at Cravath, Swaine & Moore, a senior director at the NAACP Legal Defense & Educational Fund and the chairman emeritus for the Natural Resources Defense Council.

Foundation to Promote Open Society was a funder for the NAACP Legal Defense & Educational Fund, the Natural Resources Defense Council and the Sundance Institute.

George Soros was the chairman for the Foundation to Promote Open Society.

Robert Redford was a trustee at the Natural Resources Defense Council, the founder & president of the Sundance Institute and a director at the Apollo Alliance.

John E. Warnock is a trustee at the Sundance Institute and the chairman & investor for the Salon Media Group Inc.

Salon is a publication for the Salon Media Group Inc.

Ellen Pao was a director at the Apollo Alliance and a corporate attorney for Cravath, Swaine & Moore.

Kevin Warsh was a summer associate at Cravath, Swaine & Moore and sworn in Friday as chairman of the Federal Reserve.

Salon is a publication for the Salon Media Group Inc.

Robert McKay was a director at the Salon Media Group Inc. and a contributor for the American Bridge 21st Century.

Sidney Blumenthal is a consultant for American Bridge 21st Century, a consultant for Media Matters and was the Washington bureau chief for Salon.

George Soros was a contributor for the American Bridge 21st Century, the chairman for the Foundation to Promote Open Society and is Jonathan Soros’s father.

Foundation to Promote Open Society was a funder for Media Matters and the Roosevelt Institute.

Jonathan Soros is George Soros’s son and a senior fellow at the Roosevelt Institute. 

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute, was a comptroller for the Comptroller of the Currency and a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

Paul S. Sarbanes is a governor at the Roosevelt Institute and was Martin J. Gruenberg’s senior counsel.

Martin J. Gruenberg’s senior counsel was Paul S. Sarbanes, served as chairman of the Federal Deposit Insurance Corporation (FDIC) and received an A.B. from Princeton University's Woodrow Wilson School of Public and International Affairs.

Woodrow Wilson School of Public and International Affairs is a school at Princeton University.

Anne-Marie Slaughter was the dean at the Princeton University's Woodrow Wilson School of Public and International Affairs and the president and CEO of New America Foundation.

Foundation to Promote Open Society was a funder for Media Matters and the New America Foundation.

George Soros was the chairman for the Foundation to Promote Open Society and is Jonathan Soros’s father.

Jonathan Soros is George Soros’s son and a director at the New America Foundation.

Carnegie Corporation of New York was a funder for the New America Foundation and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Eric E. Schmidt was a funder for the New America Foundation, the CEO for Google Inc. a trustee at Princeton University and is the chairman for the New America Foundation.

Google Inc. was a funder for the New America Foundation.

Alan B. Davidson was a senior policy counsel for Google Inc. and is a fellow at the New America Foundation.

Google Inc. was a funder for the Aspen Institute (think tank).

Elaine Pagels is a trustee at the Aspen Institute (think tank) and a professor at Princeton University.

Jane Lakes Harman is a trustee at the Aspen Institute (think tank) and the president & CEO for the Princeton University's Woodrow Wilson International Center for Scholars. 

Foundation to Promote Open Society was a funder for the Aspen Institute (think tank).

George Soros was the chairman for the Foundation to Promote Open Society.

Carnegie Corporation of New York was a funder for the Aspen Institute (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

James S. Crown is a trustee at the Aspen Institute (think tank), a member of the Commercial Club of Chicago and married to Paula Hannaway Crown.

Betsy D. Holden is a member of the Commercial Club of Chicago and a trustee at Duke University.

Paula Hannaway Crown is married to James S. Crown and a trustee at Duke University.

Robert K. Steel was the chairman for the Aspen Institute (think tank) and the chairman for Duke University.

David Gergen is a trustee at the Aspen Institute (think tank) and a trustee at Duke University.

Travis Hill received a Bachelor of Science from Duke University, where he studied economics and political science, a Juris Doctor from Georgetown University Law Center and is the Acting Chairman of the Federal Deposit Insurance Corporation (FDIC) Board of Directors.

Madeleine K. Albright was a professor at Georgetown University, a trustee at the Aspen Institute (think tank), an advisory board member of the Truman National Security Project and the president of the Truman Center for National Policy.

R. Hunter Biden is a director at the Truman National Security Project, a director at the Truman Center for National Policy and Joseph R. Biden Jr’s son.

Kamala D. Harris is an advisory board member for the Truman National Security Project an advisory board member for the Truman Center for National Policy and was vice president of the Joseph R. Biden Jr administration.

Michael D. McCurry is an advisory board member for the Truman National Security Project, an advisory board member for the Truman Center for National Policy and an advisory council member for the Princeton University's Woodrow Wilson International Center for Scholars. 

Martin J. Gruenberg received an A.B. from Princeton University's Woodrow Wilson School of Public and International Affairs and served as chairman of the Federal Deposit Insurance Corporation (FDIC) and Paul S. Sarbanes was his senior counsel.

Paul S. Sarbanes was Martin J. Gruenberg’s senior counsel and is a governor at the Roosevelt Institute.

Jonathan Soros is a senior fellow at the Roosevelt Institute and George Soros’s son.

George Soros is Jonathan Soros’s father and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the Roosevelt Institute.

Cantwell F. Muckenfuss III is a director at the Roosevelt Institute, was a comptroller for the Comptroller of the Currency and a counsel to the chairman for the Federal Deposit Insurance Corporation (FDIC).

John C. Dugan was a comptroller for the Comptroller of the Currency, director at the Federal Deposit Insurance Corporation (FDIC) and is a partner at Covington & Burling LLP.

John R. Bolton was an associate at the Washington, D.C. office of Covington & Burling LLP and the national security adviser for the Donald Trump's first Administration.

Eric H. Holder Jr. is a partner at Covington & Burling LLP, was the attorney general at the U.S. Department of Justice for the Barack Obama administration, a board member for the American Constitution Society and an intern at the NAACP Legal Defense & Educational Fund.

Open Society Foundations was a funder for the American Constitution Society.

George Soros is the founder & chairman for the Open Society Foundations and was the chairman for the Foundation to Promote Open Society.

Foundation to Promote Open Society was a funder for the NAACP Legal Defense & Educational Fund and the Brookings Institution (think tank).

Harold H. Koh was a director at the Brookings Institution (think tank), the State Department legal adviser for the Barack Obama administration and a lawyer at Covington & Burling LLP.

A.W. Clausen was an honorary trustee at the Brookings Institution (think tank) and the chairman & CEO for the Bank of America Corp. (Bailout Company).

Donald E. Powell was a director at the Bank of America Corp. (Bailout Company) and the chairman for the Federal Deposit Insurance Corporation (FDIC).

John L. Douglas was an attorney for the Bank of America Corp. (Bailout Company) and the general counsel for the Federal Deposit Insurance Corporation (FDIC).

Linda P. Hudson is a director at the Bank of America Corp. (Bailout Company) and was a director at the Atlantic Council of the United States (think tank).

Carnegie Corporation of New York was a funder for the Atlantic Council of the United States (think tank) and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Open Society Foundations was a funder for the Atlantic Council of the United States (think tank) and the Bill, Hillary & Chelsea Clinton Foundation.

George Soros is the founder & chairman for the Open Society Foundations. 

William J. Clinton is the founder of the Bill, Hillary & Chelsea Clinton Foundation, received his JD from Yale University and John D. Podesta was his chief of staff.

John D. Podesta was William J. Clinton’s chief of staff, a temporary CEO for the Bill, Hillary & Chelsea Clinton Foundation, a counselor for the Barack Obama administration and is the founder for the Center for American Progress.

Carnegie Corporation of New York was a funder for the Center for American Progress and a supporter for the American Society for Muslim Advancement.

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, was the Chairman for the Foundation to Promote Open Society and a supporter for the Center for American Progress.

Foundation to Promote Open Society was a funder for the Center for American Progress.

Carol M. Browner is a director, senior fellow at the Center for American Progress and was the energy czar for the Barack Obama administration.

Tom Daschle is a director at the Center for American Progress and was the nominee for health and human services secretary for the Barack Obama administration.

Ezekiel Emanuel is a senior fellow at the Center for American Progress and was the health care policy adviser for the Barack Obama administration.

Lawrence H. Summers is a distinguished fellow at the Center for American Progress and was the National Economic Council chairman for the Barack Obama administration.

Cassandra Q. Butts was the SVP for the Center for American Progress and the deputy White House counsel for the Barack Obama administration.

Philip J. Crowley was the director of homeland security at the Center for American Progress and the assistant secretary of state for the Barack Obama administration.

Derek Douglas was an associate director of economic policy at the Center for American Progress and a special assistant for urban affairs for the Barack Obama administration.

Bradley J. Kiley was a VP for the Center for American Progress and the director of management and administration for the Barack Obama administration.

Karen Kornbluh was a visiting scholar at the Center for American Progress and a policy director for Barack Obama.

Jeanne Lambrew was a senior fellow at the Center for American Progress and the deputy assistant to the president for health policy for the Barack Obama administration.

Denis McDonough was a senior fellow at the Center for American Progress and the chief of staff; former deputy national security adviser for the Barack Obama administration.

Esther M. Olavarria was the director of immigration policy at the Center for American Progress and the deputy assistant secretary at the U.S. Department of Homeland Security for the Barack Obama administration.

Dan Restrepo was the Americas Project director at the Center for American Progress and a special assistant to the president for the Barack Obama administration.

Gene B. Sperling was a senior fellow at the Center for American Progress and the assistant to the president for economic policy for the Barack Obama administration.

Todd Stern was a senior fellow at the Center for American Progress and the special envoy for climate change at the U.S. Department of State for the Barack Obama administration.

Melody C. Barnes was the EVP for the Center for American Progress, the domestic policy council, director for the Barack Obama administration and Barack Obama’s golf partner.

Carnegie Corporation of New York was a funder for the Center for American Progress and a supporter for the American Society for Muslim Advancement.

Ted Lieu was honored with the Carnegie Corporation of New York's Great Immigrants Award, has represented California's 36th congressional district in the United States House of Representatives since 2023 and is a member of the Congressional Progressive Caucus.

Astrid S. Tuminez was a program officer at the Carnegie Corporation of New York and is the 7th President of the Utah Valley University (Location of the Charlie Kirk Shooting).

Andrew Carnegie was the founder of the Carnegie Corporation of New York.

Carnegie Corporation of New York was a funder for the Center for American Progress, the Brookings Institution (think tank) and a supporter for the American Society for Muslim Advancement.

Open Society Foundations was a funder for the Center for American Progress.

George Soros is the founder & chairman for the Open Society Foundations, was the Chairman for the Foundation to Promote Open Society and a supporter for the Center for American Progress.

Foundation to Promote Open Society was a funder for the Center for American Progress and the Brookings Institution (think tank).

Vernon E. Jordan Jr. is an honorary trustee at the Brookings Institution (think tank) and was the president of the Economic Club of Washington.

David M. Rubenstein is a co-chairman for the Brookings Institution (think tank), the president of the Economic Club of Washington and a co-founder & co-CEO for the Carlyle Group.  

Edward J. Mathias is a director at the Economic Club of Washington and a managing director at the Carlyle Group.

Jerome H. Powell (Jay) was a partner at the Carlyle Group, the chair of the Federal Reserve and is a governor of the Federal Reserve.

George H.W. Bush was an adviser for the Carlyle Group, a member of the Bohemian Club and a member of the Skull and Bones.

Christopher Buckley was George H.W. Bush’s speechwriter, is a member of the Bohemian Club and William F. Buckley Jr’s son.

Skull and Bones is a secret society at Yale University.

William (Bill) Clinton received his JD from Yale University.

John F. Kerry was a member of the Skull and Bones.

Sterling Fellows are donors of $1 million or more to Yale University.

William H. Donaldson was a member of the Skull and Bones, a member of the Sterling Fellows and a trustee at the Committee for Economic Development.

Letitia James is the chair for the Committee on Economic Development and the Attorney General of New York.

Foundation to Promote Open Society was a funder for the Committee for Economic Development.

George Soros was the chairman for the Foundation to Promote Open Society.

Lee C. Bollinger is a trustee at the Committee for Economic Development and was the chairman for the Federal Reserve Bank of New York.

William J. McDonough was a trustee at the Committee for Economic Development and the president & CEO for the Federal Reserve Bank of New York.

Peter G. Peterson was a trustee at the Committee for Economic Development and the chairman for the Federal Reserve Bank of New York.

John E. Sexton is a trustee at the Committee for Economic Development, was the chair Council of Chairs for the Federal Reserve System and the chairman for the Federal Reserve Bank of New York.

Larry Kudlow was a staff economist at the Federal Reserve Bank of New York, he worked on the U.S. Senate campaign of Daniel Patrick Moynihan, along with Tim Russert, against Conservative Party incumbent James L. Buckley, brother of William F. Buckley Jr. and he enrolled in the master's program at Princeton University's Woodrow Wilson School of Public and International Affairs, but he left before completing his degree.

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