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White 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.
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Washington, Jul 10 (EFE).- The White House this Thursday increased the pressure exerted against the president of the Federal Reserve (Fed), Jerome Powell, demanding explanations for his plan to renovate the headquarters of the entity in Washington, to which they reproach him for not having adjusted either the budget or the regulations. The director of the U.S. Office of Administration and Budget (OMB), Russell Vought, hung in X the letter in whi…

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Forbes broke the news in United States on Thursday, July 10, 2025.
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