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Trump Administration Probes Fed Renovation Costs as Grounds to Remove Powell
WASHINGTON, D.C., JUL 13 – White House alleges Jerome Powell misled Congress and oversaw $700 million cost overruns on Federal Reserve headquarters renovation amid political clashes over interest rates.
- On Thursday, Russell Vought sent a letter accusing Powell of mismanaging the $2.5 billion Fed headquarters renovation and misleading Congress.
- Amid rate disputes, Trump escalated attacks on Powell, citing the Fed's refusal to lower interest rates amid ongoing tensions.
- The Fed's Washington headquarters renovation includes rooftop gardens, VIP dining rooms, and premium marble, exceeding its $1.9 billion estimate by roughly $700 million, reaching $2.5 billion.
- The Federal Reserve responded by updating its FAQ and the National Capital Planning Commission will investigate the renovation amid ongoing scrutiny over mismanagement and cost overruns.
- A U.S. Supreme Court ruling limits the removal of Fed chairs to cause, and experts warn firing Powell could cause market turmoil.
163 Articles
163 Articles
Will Bessent serve as Fed chair, Treasury secretary at the same time?
(The Hill) -- The possibility that President Donald Trump could replace Federal Reserve Chair Jerome Powell with Treasury Secretary Scott Bessent is spinning heads from Washington to Wall Street and beyond. Senators on both sides of the aisle have thrown cold water on the idea despite rising tension between Trump and Powell over interest rates, and the precedent-breaking move could also rock markets and face legal challenges. Here’s a look at …
Waste of the Day: Fed Reserve Gets “Palace of Versailles” Renovation ⋆ Conservative Firing Line
The following article, Waste of the Day: Fed Reserve Gets “Palace of Versailles” Renovation, was first published on Conservative Firing Line. Topline: The planned renovation of the Federal Reserve’s office buildings will cost $2.5 billion and include rooftop gardens, skylights, water displays and more, according to planning documents reviewed by the New York Post. Key facts: Construction will focus on the Marriner S. Eccles Building and Federal …
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