Trump’s Budget Chief Slams Fed's Powell On $2.5B Fed Renovation

President Donald Trump’s budget chief accused Federal Reserve Chair Jerome Powell of grossly mismanaging the central bank, according to CNBC. He also suggested Powell misled Congress about the cost and features of the Fed’s $2.5 billion headquarters renovation. In a letter linked on X, Vought said the project includes “VIP private dining rooms,” rooftop gardens, and other luxuries, directly contradicting Powell’s Senate testimony. Powell testified that the Federal Reserve’s renovation plans do not include any luxury features such as VIP dining rooms, marble, special elevators, or rooftop gardens. Trump has repeatedly pressured Powell to cut interest rates and may name his replacement before Powell’s term ends next spring. A recent Supreme Court decision indicated that Federal Reserve board members have legal protections against being fired by the president. The Fed declined to comment.