US EditionThe Fed Building Renovation at the Heart of Trump’s Efforts to Oust Powell
WASHINGTON, D.C., JUL 17 – Trump claims Federal Reserve Chair Jerome Powell mismanaged a $2.5 billion renovation, using cost overruns as justification for removal amid ongoing political tensions.
- President Donald Trump’s administration has intensified efforts in 2025 to remove Federal Reserve Chair Jerome Powell, focusing on a $2.5 billion renovation project in Washington.
- The campaign followed Powell’s resistance to Trump’s desired rate cuts and accusations that Powell misrepresented renovation costs and mishandled the project, which exceeded the original budget by $600 million.
- The renovation involves upgrading the over-90-year-old Marriner S. Eccles building and a nearby structure, with changes to initial 2021 approved plans drawing criticism from White House officials and deputy chief of staff James Blair.
- Trump called the renovation “really disgraceful” and a “fireable offense,” while Powell denied VIP amenities and stated the project has had careful oversight since its 2017 Board approval.
- Experts warn that removing Powell before his May 2026 term ends would set a precedent undermining the Fed’s political independence, risking market instability, higher inflation, and increased borrowing costs.
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What to know about Trump's effort to oust Fed Chair Powell
US President Donald Trump this week escalated attacks on central bank chair Jerome Powell, suggesting he could be dismissed for "fraud" over his handling of a renovation project at the Federal Reserve's headquarters.
Trump can only allow the leader of the Fed to prove that there was a rude behavior. The speculations that the case can be used to achieve this goal are growing.
BREAKING: Jerome Powell Criminally Referred For Alleged Perjury About $2.5 Billion Building Renovation
On Thursday, Chairman of the Board of Fannie Mae and Freddie Mac, Bill Pulte, said Fed Chair Jerome Powell may be criminally referred to the Justice Department for alleged perjury about the $2.5 billion building renovation plan.
Factbox-The Fed building renovations at the center of Trump’s fight with Powell: Five things to know
By Ann Saphir (Reuters) -The spiraling cost of the Federal Reserve’s years-long renovation of two historic buildings in Washington, D.C., has become the latest flashpoint in the Trump administration’s escalating pressure campaign on Fed Chair Jerome Powell, whom Trump wants out of the central bank because he hasn’t delivered the interest-rate cuts he wants. The Powell Fed has held rates steady since December on concern Trump’s tariffs could reig…
Donald Trump did magic again: where others see a remodeling of offices, he sees a reason to fire the president of the Federal Reserve. The cause? A $2.5 billion renovation project that, according to him, looks more like building a palace than an infrastructure upgrade. The illogical thing? It is that the same project has been under construction for years and never before had seemed problematic until Jerome Powell became his new economic headache…
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Trump wants to oust Fed chair
WASHINGTON — President Donald Trump says he finally found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank's $2.5 billion renovation project.
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