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 Washington, D.C., the Office of Management and Budget sent a letter accusing Powell of gross mismanagement of the Fed headquarters renovation.
- Amid rate-cut demands, Trump has pressured Powell by calling for his resignation, while escalating political pressure over interest rate policies.
- The renovation’s price tag rose to $2.5 billion, roughly $700 million over initial estimate, with features like rooftop gardens and VIP dining rooms, Office of Management and Budget Director Russell Vought said.
- Without direct statements, the Fed updated FAQ on its website days after Vought’s criticism.
- The Office of Management and Budget will require Powell to respond within seven days to questions about the legality and oversight of the headquarters renovation, risking further political fallout.
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Donald Trump has long wanted to fire US Federal Reserve Chairman Jerome Powell. Now he is pinning his hopes on a very expensive renovation project.
·Stockholm, Sweden
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New Powell Move May Be Aimed at Warding Off Trump
Fed chief Jerome Powell appears to have made a move designed to ward off a new line of attack from President Trump. Axios and CNBC report that Powell has asked an independent watchdog to examine the ongoing renovation of the Fed's headquarters in Washington. The project's cost has expanded to...
·Miami, United States
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Coverage Details
Total News Sources204
Leaning Left32Leaning Right36Center75Last UpdatedBias Distribution52% Center
Bias Distribution
- 52% of the sources are Center
52% Center
L 22%
C 52%
R 25%
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