


President Donald Trump and a group of administration officials are set to tour the Federal Reserve headquarters, which is under renovation, on Thursday afternoon.
Trump and his allies have been targeting Fed Chairman Jerome Powell over his stewardship of the Fed and refusal to cut interest rates. Part of the recent attacks has to do with the Fed’s planned renovation of its headquarters being over budget and mismanaged.
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Specifically, Office of Management and Budget Director Russ Vought, in a letter, accused Powell of having “grossly mismanaged” the central bank. He used the $2.5 billion renovations at the Fed headquarters as an example of Powell’s mismanagement and lack of oversight.
Powell responded in writing to the inquiry from Vought over the renovations at the Fed headquarters. Powell said he would ask the Fed’s independent inspector general to conduct a “fresh review” of the project.
But on Thursday, administration officials will take a tour of the project.
Among those expected to attend are Trump, Vought, Federal Housing Finance Agency Director Bill Pulte, OMB general counsel Mark Paoletta, White House deputy chief of staff James Blair, and Stuart Levenbach, another OMB official.
Pulte in particular has spearheaded the campaign against Powell and the Fed.
Pulte, perhaps more than anyone in the Trump administration, has targeted Powell, calling for him to resign and reportedly pushing for his firing. The FHFA director has also taken action against other high-profile Trump critics, most notably accusing Sen. Adam Schiff (D-CA) and New York Attorney General Letitia James of mortgage fraud.
TOP HOUSING REGULATOR BILL PULTE EMERGES AS TRUMP’S BIGGEST ATTACK DOG
The biggest line of attack from Trump, Pulte, and others has been the refusal to lower interest rates, but the Fed renovation has recently become a major talking point.
Trump appointed Powell during his first term, although the two had a falling out shortly after. Between Trump’s two terms, President Joe Biden renominated Powell for the role.