US EditionTrump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 14 – Office of Management and Budget Director Russell Vought alleges $700 million cost overruns and rule violations in Federal Reserve headquarters renovation under Chairman Powell's oversight.
- Accusing Jerome H. Powell of mismanagement, the White House claimed he misled Congress over a $2.5 billion headquarters renovation.
- Amid swelling renovation costs, the Marriner S. Eccles Building's expenses reached $2.5 billion, about $600 million over budget, highlighting significant overruns.
- Vought described the overhaul in his letter, calling it an 'ostentatious overhaul' with VIP dining rooms and rooftop terraces, and said he was 'extremely troubled' by potential rule violations.
- The Supreme Court of the United States reaffirmed that the president needs cause to remove a Fed official, and Powell asked the inspector general to review the renovation’s expenses.
- The long-term stakes include potential erosion of Fed independence and increased inflation and interest rates, which could threaten economic stability and extend presidential influence, experts say.
229 Articles
229 Articles
The U.S. President criticizes Central Bank Chief Powell again for a "horrible job". He also accuses him of the Fed's increased renovation costs in Washington.
Millions want to own but can't: What's being done to address the housing crisis?
Despite a strong desire to own homes, millions of Americans are still renting. So, what initiatives is Washington implementing to help make homeownership a reality?One significant barrier to homebuying remains high interest rates. President Trump has intensified his criticism of Federal Reserve Chairman Jerome Powell in recent weeks."Jerome Powell has been very bad for our country," Trump recently stated. "We should have the lowest interest rate…
The exorbitant price of the renovation ($2.5 billion) of the headquarters of the Federal Reserve (Fed) in Washington, D.C., has become the pressure point of President Trump's and his Administration's efforts to force the president of the central bank, Jerome Powell, to lower interest rates or move aside.Read more]]>
Trump says Powell’s handling of Fed renovation “sort of is” a fireable offense
President Donald Trump criticized Federal Reserve Chair Jerome Powell over his handling of the central bank’s $2.5 billion headquarters renovation, saying “it sort of is” a fireable offense. “I think he’s terrible,” Trump told reporters in Pennsylvania on Tuesday. “But the one thing I didn’t see him as a guy that needed a palace to live in.” “The one thing I wouldn’t have guessed is he would be spending two and a half billion dollars to build a …
Coverage Details
Bias Distribution
- 52% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
