US EditionUnder fire by Trump over costs, Chair Powell seeks watchdog review of Fed building overhaul
WASHINGTON, D.C., JUL 15 – Jerome Powell has asked the inspector general to review a $2.5 billion Fed renovation amid criticism of cost overruns $700 million above estimates and allegations of mismanagement.
- In July 2025, Jerome Powell, chair of the Federal Reserve, requested that the bank’s inspector general conduct a renewed review of the $2.5 billion renovation project for its Washington office buildings amid increasing scrutiny.
- The initiative received initial authorization from the Federal Reserve's board in 2017, with cost increases primarily driven by the surge in prices for materials, labor, and equipment during the inflationary period of 2022-2023.
- The Fed denied installing special elevators or VIP dining rooms and stated it changed building plans in 2023 without being subject to the Washington planning commission's direction.
- Russ Vought, the director of the federal budget office, stated in a recent letter that President Trump was deeply concerned about the extravagant renovation and criticized Powell’s handling of the project.
- Powell’s request for a fresh inspector general review aims to reinforce transparency amid political pressure while he intends to serve as Fed chair through May 2026.
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Bessent Says "Formal Process" to Find Successor to Jerome Powell Has Begun - 🔔 The Liberty Daily
(ZeroHedge)—U.S. Treasury Secretary Scott Bessent confirmed on Tuesday that a “formal process” is underway to find a potential successor to Federal Reserve Chairman Jerome Powell. In an interview with Bloomberg Surveillance, Bessent remarked, “There are a lot of great candidates, and we’ll see how rapidly it progresses.” He also noted that it would be confusing for Powell to stay on at the Federal Reserve after his term as chair concludes. Since…
Top Senate banking Democrat sounds alarm over Fed leverage proposal
The Senate banking committee’s top Democrat is calling on the Federal Reserve to throw out a proposed rule for the amount of money that big banks are allowed to borrow relative to their capital. Sen. Elizabeth Warren (D-Mass.) said in a letter sent this week to the Fed’s vice chair for supervision, Michelle Bowman, that…
Hamadeh Calls on Federal Reserve Chairman Powell to Resign
On Monday, Congressman Abe Hamadeh urged Federal Reserve Chairman Jerome Powell to step down in light of his “gross mismanagement” of the Federal Reserve’s headquarters renovation project, apparent lack of candor, failure to accurately assess the effects of tariffs, and refusal to lower interest rates for the good of the nation in a timely manner....
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