Trump Allies Hit Powell Over Fed Renovations
July 14, 2025
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6:33Now PlayingTrump Allies Hit Powell Over Fed Renovations
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as posted by the channelTrump and his allies have a new bone to pick with Federal Reserve chair Jerome Powell: the price of fed building renovations. Bloomberg's Amara Omeokwe reports.
President Donald Trump and his allies have seized upon a new way to criticize the head of the US central bank: his handling of an expensive renovation of the Federal Reserve’s headquarters.
The construction project offers the clearest example yet of how Trump and those in his orbit are looking for every opportunity to scrutinize Jerome Powell’s leadership at the central bank, even beyond his economic stewardship.
Some administration officials also appear to be building a case that the renovation is the opportunity Trump needs to meet the high legal standard required to remove Powell from the Fed’s Board of Governors.
The heightened pressure coincides with Trump’s relentless calls for the Fed to lower interest rates — which Powell and fellow policymakers have so far ignored this year. Trump has lambasted the Fed chief in turn and made clear he’ll replace Powell when his term as chair expires in May 2026 with someone who wants lower rates.
“Jerome Powell is very bad for our country,” Trump told reporters at Joint Base Andrews in Maryland on Sunday. “We should have the lowest interest rate on Earth and we don’t. And we know he should do it. And yet he’s spending $2.5 billion dollars rebuilding the Fed, the Federal Reserve buildings.”
“I hope he quits,” Trump said. “He should quit.”
Federal Reserve Chair Jerome Powell has made a formal request that the central bank’s inspector general review its $2.5 billion building renovation, according to a spokesperson for the IG’s office.
Republicans are attacking Powell over cost overruns in the refurbishment of two historic buildings controlled by the Fed, with some using the issue to argue it gives the president legal cause for his dismissal. The attacks follow continual anger directed at the Fed by President Donald Trump for its decisions to hold interest rates steady this year.
The IG’s office declined to comment further. The request was first reported by Axios.
The Fed’s IG has already reviewed the building programs over time and Powell has discussed the project with the IG in recent weeks, according to a person familiar with the situation who was not authorized to speak about it publicly. The formal request asks the IG to review cost overruns and any other issue the IG deems appropriate.
Michael Horowitz, the Fed’s IG, was appointed to the job by Powell in June.
The Fed also updated a recently-added “frequently asked questions” page on its website devoted to providing information about the renovation project.
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