US EditionTrump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 14 – White House budget director Russell Vought alleges Fed Chair Jerome Powell misled Congress and caused $700 million in overruns during a $2.5 billion renovation of the Federal Reserve headquarters.
- In mid-2025, Donald Trump and his team escalated their efforts against Federal Reserve Chair Jerome Powell, criticizing his interest rate decisions and challenging the costly renovation plans for the Fed’s headquarters.
- This pressure followed Powell's resistance to lower interest rates amid easing inflation, and scrutiny over a $2.5 billion renovation project alleged to breach federal building rules.
- Russell Vought, the Trump administration’s chief budget official, accused Powell of providing misleading information to Congress regarding the Federal Reserve building renovation, labeling it an extravagant project, while President Trump demanded Powell’s immediate resignation and a replacement be appointed.
- On June 30, Trump privately communicated to Powell that keeping interest rates unchanged had "cost the USA a fortune," while also assigning two aides to examine the Federal Reserve's renovation plans, indicating increased pressure from the administration.
- While Trump's administration demands accountability, experts warn that undermining the Fed's independence could harm economic stability and inflation expectations, and the Supreme Court could block Powell's dismissal.
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181 Articles
Under fire for cost overruns, Powell asks watchdog to review the Fed’s $2.5 billion renovation plan
Federal Reserve Chair Jerome Powell has asked the central bank’s inspector general to formally review an ongoing $2.5 billion renovation of the institution’s headquarters in Washington, DC, according to a source familiar with the matter.
·Atlanta, United States
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Will Bessent serve as Fed chair, Treasury secretary at the same time?
(The Hill) -- The possibility that President Donald Trump could replace Federal Reserve Chair Jerome Powell with Treasury Secretary Scott Bessent is spinning heads from Washington to Wall Street and beyond. Senators on both sides of the aisle have thrown cold water on the idea despite rising tension between Trump and Powell over interest rates, and the precedent-breaking move could also rock markets and face legal challenges. Here’s a look at …
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Total News Sources181
Leaning Left25Leaning Right31Center71Last UpdatedBias Distribution56% Center
Bias Distribution
- 56% of the sources are Center
56% Center
L 20%
C 56%
R 24%
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