White House Latest Attack On Jerome Powell: Claims Federal Reserve Renovations Are ‘Ostentatious’

White House Attack On Jerome Powell: Claims Federal Reserve Renovations Are ‘Ostentatious’BySara Dorn, Forbes Staff

Sara Dorn is a Forbes news reporter who covers

Federal Reserve Chairman Jerome Powell testifies during the Senate Banking, Housing and Urban

More Affairs Committee hearing titled "The Semiannual Monetary Policy Report to the Congress," in Dirksen building on Wednesday, June 25, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images)CQ-Roll Call, Inc via Getty ImagesKey FactsVought accused Powell of spearheading a ject that is $700 million over budget and modifying the renovation plan without per apval from the National Capital Planning Commission

Vought made the accusation by pointing to Powell’s testimony before the Senate Banking Committee in June that certain luxury features, including water features, new marble and roof terrace gardens, had been removed from the plans, writing that his “testimony appears to reveal that the ject is out of compliance with the apved plan. ”Vought’s letter asks Powell to answer a series of questions the renovations within seven days, including whether the features that have been a point of contention are still part of the final renovation plans

Renovations at the central bank were initially estimated to cost $1. 9 billion, but had ballooned to nearly $2. 5 billion by 2023, The Wall Street Journal reported, citing budget documents that cited “significant increases” in the cost of steel, cement, wood and other materials that “far exceed standard cost escalations. ” TangentFormer Department of Government Efficiency chief Elon Musk also called the renovations at the Fed headquarters “an eyebrow-raiser” in an interview with reporters in May

Key BackgroundTrump on Tuesday called for a be into the renovations and Powell’s previous statements to the Senate committee during a cabinet meeting, repeating his wishes for Powell to resign from his post immediately

Trump has reportedly started to eye replacements for Powell should he resign before his term expires in May of next year and could make an early announcement as soon as September, according to The Wall Street Journal

What To Watch ForRepublican senators have begun to speak out against Powell, with at least three—Sen

Bernie Moreno, R-Ohio, Sen

Tommy Tuberville, R-Ala

Rick Scott, R-Fla. —calling for him to step down

Others, however, have remained neutral in the feud and expressed the need for the Federal Reserve to maintain its independence, including Sen

John Kennedy, R-La. , who told Axios “I don’t think a bunch of politicians ought to be telling the Federal Reserve how to regulate. ”Further ReadingHow Soon Could Trump Replace Fed Chair

What To Know As He Reportedly Considers Powell Successor (Forbes)The Fed Opts Not To Cut Interest Rates Again—Even As Trump Ups Attacks On Fed Boss Powell (Forbes)Trump Says Fed Chair Powell’s Termination ‘Cannot Come Fast Enough’ (Forbes)Got a tip

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