The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

by admin July 11, 2025
July 11, 2025
White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey and “ostentatious” renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.

Trump has repeatedly called on the Fed chairman to cut interest rates, without success. He reportedly has considered firing Powell and, more recently, publicly naming the chairman’s replacement months earlier than the end of Powell’s term next spring.

Vought’s letter raises the question of whether Trump will seek to remove Powell for cause, at least ostensibly.

But the Supreme Court in a recent decision strongly suggested that Federal Reserve board members have special protection from being fired by a president.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

“Now up to $2.5 billion, roughly $700 million over its initial cost,” Vought wrote. “The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”

Vought’s tweet linked to a letter he sent Powell that referenced the Fed boss’s June 25 testimony before the Senate Banking Committee.

“Your testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote.

“The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more,” he wrote.

But Powell, in his testimony, said, “There’s no VIP dining room. There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives and there’s no roof terrace gardens,” Vought wrote.

“Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements,” Vought wrote.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Amazon extends Prime Day discounts to 4 days as retailers weigh tariffs and price increases
next post
OpenAI to release web browser in challenge to Google Chrome

Related Posts

McDonald’s Snack Wrap is officially making a permanent...

June 5, 2025

Amazon to shut down speedy brick-and-mortar delivery service

October 24, 2024

It’s Elon Musk’s turn for a ‘fork in...

April 24, 2025

Mattel pulls thousands of ‘Wicked’ dolls off shelves...

November 13, 2024

Express files for bankruptcy, plans to close nearly...

April 23, 2024

Stellantis CEO says $25,000 Jeep EV coming to...

May 30, 2024

Family Dollar to close almost 1,000 stores

March 14, 2024

Fox One streaming service to launch ahead of...

August 7, 2025

Nvidia’s $279 billion wipeout — the biggest in...

September 5, 2024

Ivan Boesky, inspiration for ‘Wall Street’ villain Gordon...

May 21, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Rhode Island’s ‘Taylor Swift Tax’ on vacation homes of the wealthy is spreading to other states

      September 2, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      September 2, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      September 2, 2025
    • Bernie Sanders calls for RFK Jr. to resign as HHS secretary over vaccine policies: ‘Rally the American people’

      September 2, 2025
    • Rhode Island’s ‘Taylor Swift Tax’ on vacation homes of the wealthy is spreading to other states

      September 2, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      September 1, 2025

    Categories

    • Business (1,371)
    • Politics (4,373)
    • Stocks (1,623)
    • Uncategorized (45)
    • World News (1,364)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved