Trump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 14 – The Trump administration accuses Fed Chair Jerome Powell of mismanaging a $2.5 billion renovation with $700 million in overruns to pressure him amid disputes over interest rates.
- On July 10, 2025, the White House intensified its complaints regarding the expensive renovations at the Federal Reserve's Washington, D.C. headquarters, directly targeting Chairman Jerome Powell's management of the project.
- This escalation followed ongoing tensions as President Trump and allies pressured Powell to lower interest rates or resign, targeting the renovation overruns as evidence of mismanagement.
- The renovation budget has risen to approximately US$2.5 billion, about US$700 million over initial estimates, including disputed features like rooftop gardens and premium marble, while Powell denies lavishness but admits overruns.
- Trump described Powell as "doing a terrible job" and called for rates to be three points lower, while critics like Bill Pulte demanded Congress investigate Powell's political bias and Senate testimony on costs.
- The conflict highlights political challenges to Fed independence amid a continuing operating deficit exceeding US$235 billion since FY23, raising concerns about institutional autonomy and potential shifts in monetary policy.
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265 Articles
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NEWYou can now listen to Fox News articles! Housing and Urban Development Secretary Scott Turner blasted Federal Reserve Chair Jerome Powell for spending billons of dollars renovating the Fed’s headquarters amid a housing crisis he said Powell is helping perpetuate. The Federal Reserve’s headquarters has been undergoing a major renovation that has been plagued by cost overruns and now has a price tag of $2.5 billion. Meanwhile, the Trump adminis…
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