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Trump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 14 – The Trump administration accuses Fed Chair Jerome Powell of mismanaging a $2.5 billion renovation with $700 million in overruns to pressure him amid disputes over interest rates.
- On July 10, 2025, the White House intensified its complaints regarding the expensive renovations at the Federal Reserve's Washington, D.C. headquarters, directly targeting Chairman Jerome Powell's management of the project.
- This escalation followed ongoing tensions as President Trump and allies pressured Powell to lower interest rates or resign, targeting the renovation overruns as evidence of mismanagement.
- The renovation budget has risen to approximately US$2.5 billion, about US$700 million over initial estimates, including disputed features like rooftop gardens and premium marble, while Powell denies lavishness but admits overruns.
- Trump described Powell as "doing a terrible job" and called for rates to be three points lower, while critics like Bill Pulte demanded Congress investigate Powell's political bias and Senate testimony on costs.
- The conflict highlights political challenges to Fed independence amid a continuing operating deficit exceeding US$235 billion since FY23, raising concerns about institutional autonomy and potential shifts in monetary policy.
265 Articles
265 Articles
The U.S. President criticizes Central Bank Chief Powell again for a "horrible job". He also accuses him of the Fed's increased renovation costs in Washington.
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The exorbitant price of the renovation ($2.5 billion) of the headquarters of the Federal Reserve (Fed) in Washington, D.C., has become the pressure point of President Trump's and his Administration's efforts to force the president of the central bank, Jerome Powell, to lower interest rates or move aside.Read more]]>
Trump says Powell’s handling of Fed renovation “sort of is” a fireable offense
President Donald Trump criticized Federal Reserve Chair Jerome Powell over his handling of the central bank’s $2.5 billion headquarters renovation, saying “it sort of is” a fireable offense. “I think he’s terrible,” Trump told reporters in Pennsylvania on Tuesday. “But the one thing I didn’t see him as a guy that needed a palace to live in.” “The one thing I wouldn’t have guessed is he would be spending two and a half billion dollars to build a …
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