'Series Of Mismanagement': Russell Vought Slams Fed Chair Jerome Powell Over Fed Building Renovation

During a press gaggle on Friday, Office of Management and Budget Director Russel Vought spoke about Fed Chair Jerome Powell.

Transcript

00:00Because I think the question is immaterial.

00:07The president has a policy view with regard to we need lower rates.

00:10He has a policy view with regard to the fact that Jerome Powell has been late

00:15repeatedly.

00:17The Fed has been mismanaged.

00:19You look at the fact that they have been taking deficits since 2023 for

00:24the first time since 1916.

00:27And then you look and you have this incredible spectacle on the nation's

00:32mall of largesse that we can't afford as a country.

00:36People will be offended if they came and they're going around checking out all

00:40the monuments and they see what is occurring.

00:43Then they go behind the Eccles building and they see the Martin building,

00:47which is complete.

00:47And I go there often in my duties as CFPB director.

00:51And you see the extent to which it is massive.

00:57There's fine artwork everywhere.

01:00And it is offensive to taxpayers.

01:03And we're not getting remittances from the Fed ever since 2023.

01:07And that's hurting our deficit.

01:09That's creating a situation where we have higher interest costs as a country.

01:15And it's just a series of mismanagement.

01:17So I know you guys want to make it more about a metaphysical question about the

01:20independence of the Fed.

01:22This is about the extent to which this building,

01:25this renovation project is horrifying from a cost perspective.

01:30And our administration, both OMB, the National Capital Planning Commission,

01:35which now has three new commissioners, and as of yesterday,

01:38is going to be asking, it is asking very, very tough questions.

01:41It's running friendly.

01:42Perhaps here.

01:43ThisONE is the problem.

01:45It's running ahead.

01:45Is it only seven, six minutes?

01:46A quarter inching?

01:48Sure?

01:48The Seanan.

01:49What do you want?