US EditionUnder fire by Trump over costs, Chair Powell seeks watchdog review of Fed building overhaul
WASHINGTON, D.C., JUL 15 – The Federal Reserve's renovation costs rose $700 million above estimates, prompting a review amid allegations of mismanagement and altered plans without proper approvals.
- On July 15, 2025, Federal Reserve Chair Jerome Powell requested that the central bank’s inspector general conduct a review of the renovation work at its headquarters in Washington following criticism of the project's increasing costs.
- The renovation, first approved in 2017, faced escalating costs due to inflation and unforeseen conditions, leading to scrutiny and political attacks.
- Critics, including President Trump and Budget Director Russ Vought, called the $2.5 billion project "ostentatious" and criticized unnotified design changes violating planning commission rules.
- Powell emphasized transparency by involving the watchdog and stated the inspector general has full access and monthly updates, while asserting he will serve through his term ending May 2026.
- The review and political pressure highlight tensions over Fed governance and fiscal responsibility amid inflation, but there is no evidence Powell will resign or be removed before term end.
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Fed Responds to Criticism Over $2.5 Billion Renovation
The Federal Reserve updated its frequently asked questions section in an apparent response to the Trump administration’s criticism of its multi-billion-dollar building renovation plan amid brewing tensions over interest rates. The Federal Reserve is undertaking a major rehaul of facilities and structural work of the Marriner S. Eccles Building, with current cost estimates at around $2.5 billion, according to Office of Management and Budget (OMB)…
·New York, United States
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Associated Press News+6 Reposted by 6 other sources
Under fire by Trump over costs, Chair Powell seeks watchdog review of Fed building overhaul
Federal Reserve Chair Jerome Powell is asking an inspector general to review the cost of the central bank’s building renovations that White House officials have attacked as “ostentatious."
·United States
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Coverage Details
Total News Sources16
Leaning Left4Leaning Right1Center9Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 29%
C 64%
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