Federal Reserve Chairman Jerome Powell made no mention of monetary policy in his opening remarks at a banking regulation conference Tuesday, The Wall Street Journal reports.

Nor did Powell address President Donald Trump’s repeated pleas for him to step down or the White House’s calls for an investigation into $700 billion cost overruns for the Federal Reserve building renovation, now topping $2.5 billion.

Fed officials are currently in a blackout period for interest rate and economic remarks ahead of the Fed’s July 29-30 meeting.

“The Fed is a dynamic institution,” Powell said. “We are open to hearing new ideas and feedback on how to improve the capital framework for large banks, and I look forward to hearing from today’s participants.”

The purpose of the Fed's conference is to analyze the “integrated capital framework for large banks in concert, rather than each in isolation, to maintain a safe, sound, and efficient banking system,” Powell said.

The conference will, therefore, examine “risk-based capital retirements, leverage requirements, the surcharge for the largest and most complex banks, and the stress tests” with the aim of ensuring banks’ “safety, soundness [and their ability] to be free to compete with one another,” Powell said.

Treasury Secretary Scott Bessent said Tuesday he sees no need for Powell to immediately step down, adding that Powell’s legacy should be to improve the Fed's non-monetary policy functions.

Bessent's comments in an interview on Fox followed his remarks Monday that the Fed should conduct an exhaustive review of non-policy areas of operations.