US EditionWhite House escalates pressure campaign on Fed chair by targeting its headquarters renovation
DISTRICT OF COLUMBIA, UNITED STATES, JUL 10 – Office of Management and Budget Director Russell Vought alleges Federal Reserve Chairman Powell misled Congress on a $2.5 billion renovation, $700 million over budget, with questionable luxury features.
- On Thursday, Office of Management and Budget Director Russell Vought accused Federal Reserve Chair Jerome Powell of gross mismanagement over a $2.5 billion headquarters renovation, citing cost overruns and compliance issues.
- Following Trump’s repeated demands for rate cuts and Powell’s refusal, tensions escalated amid ongoing conflicts over monetary policy independence.
- Vought highlighted a $700 million overrun to $2.5 billion, citing lavish features and possible violations of the National Capital Planning Act.
- In the letter, Vought posed 11 questions about the renovation, announced oversight steps, while the Fed declined to comment.
- The letter sets a seven-business-day deadline for Powell’s response, highlighting legal protections against firing and fueling discussions of potential leadership changes.
101 Articles
101 Articles
Fed Defends Renovations as White House Widens Attacks on Central Bank
The Federal Reserve took steps on Friday to defend itself against accusations by President Trump and his allies that Jerome H. Powell, the Fed chair, mismanaged renovations at the central bank’s headquarters and then lied to Congress about those plans. The new line of attack, after Mr. Trump aimed a barrage at the Fed’s reluctance to lower borrowing costs, has raised alarm that the White House is trying to lay the groundwork to fire Mr. Powell f…
Donald Trump's government narrows the circle over Jerome Powell, the president of the Federal Reserve. Since his return to power on January 20, the president of the United States...
The Fed’s $2.5 Billion Palace
Fed Chairman Jerome Powell is under fire for what critics are calling gross mismanagement of the central bank—this time not over monetary policy, but over marble, rooftop gardens, and VIP elevators. The Federal Reserve, which has been running a deficit since fiscal year 2023—an unprecedented move in its history—is now embroiled in a scandal over the ballooning costs of its headquarters renovation. Initially projected at $1.8 billion, the project…
White House pressures Senate GOP on passing rescissions bill
White House Office of Management and Budget Director Russell Vought is asking Senate Republicans whether they are “serious” about fiscal responsibility before the chamber votes next week on legislation that would claw back spending Congress has already approved. “I am confident that they will pass the bill,” Vought told the Washington Examiner on Friday at the White House. “I’ll be up there on Tuesday to answer any additional questions.” Vought …
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