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Trump 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.
- The Trump administration escalated its criticism of Federal Reserve Chair Jerome Powell in July 2025 by accusing him of violating government regulations and providing misleading information to Congress regarding a $2.5 billion renovation project at the Fed’s headquarters.
- This escalation followed Powell's June testimony revealing changes to the renovation plan for the nearly 90-year-old Marriner S. Eccles Building, amid accusations he misled Congress and violated government rules.
- OMB Director Russell Vought sent Powell a letter with questions about compliance and called the initial renovation plan an 'ostentatious overhaul,' while Trump repeatedly pressured Powell to cut interest rates and suggested he should resign.
- On June 30, Trump communicated to Powell in writing that maintaining steady interest rates had resulted in significant increased costs for the U.S. government’s debt payments, and indicated he is considering potential replacements for Powell even though his term lasts until May 2026.
- The intensified pressure campaign risks undermining the Fed’s political independence, which experts warn could harm economic stability, although the Supreme Court has indicated it would block any presidential attempt to remove Powell prematurely.
198 Articles
198 Articles
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...
Trump Comments On Interest Rates - Patriot Newsfeed
Tensions between President Donald Trump and Federal Reserve Chairman Jerome Powell have reached new heights as the Fed continues to hold interest rates at near two-decade highs, despite inflation falling to a four-year low. Trump, backed by key allies in Congress and on Wall Street, has intensified public pressure on Powell, calling for his resignation and accusing the Fed chair of playing partisan politics. Senator Bernie Moreno (R-OH) noted th…
Fed Chair Powell Calls for Probe Into HQ Renovations
Jerome Powell, the chair of the Federal Reserve, has called on the bank's inspector general to investigate renovations at the group's headquarters, Politico reported. At a Senate Banking Committee hearing last month, Powell denied reports that the Federal Reserve spent billions to turn the headquarters into the "palace of Versailles," as Sen. Tim Scott, R-S.C., described it. "There's no VIP dining room; there's no new marble. There are no specia…
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