US EditionTrump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 13 – White House alleges Jerome Powell misled Congress and oversaw $700 million cost overruns on Federal Reserve headquarters renovation amid political clashes over interest rates.
- On Thursday, Russell Vought sent a letter accusing Powell of mismanaging the $2.5 billion Fed headquarters renovation and misleading Congress.
- Amid rate disputes, the Trump administration escalated attacks on Powell, citing the Fed's refusal to cut interest rates and criticizing the headquarters renovation budget overruns.
- Records show the Fed's headquarters renovation, initially estimated at $1.9 billion, has exceeded its budget by about $700 million, with plans for rooftop gardens and marble features scaled back or canceled.
- In response to criticism, the Federal Reserve updated its FAQ on the renovation, while the National Capital Planning Commission is expected to review the project details.
- A U.S. Supreme Court ruling limits the president's ability to remove Fed chairs without cause, while experts warn firing Powell could destabilize markets.
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Trump allies open new front with Powell over building rehab
President Donald Trump and his allies have seized upon a new way to criticize the head of the U.S. central bank: his handling of an expensive renovation of the Federal Reserve’s headquarters. The construction project offers the clearest example yet…
He is talking about the possible resignation by Trump of the President of the Fed, Jerome Powell. Now because he asks about the costs of renovating the headquarters of the Fed, which he compares with the Palace of Versailles.
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Total News Sources156
Leaning Left21Leaning Right29Center60Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 19%
C 55%
R 26%
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