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Jul 17, 2025  |  
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Christian Datoc


NextImg:White House pushes for Federal Reserve site visit

The White House moved Thursday with a clear aim to support President Donald Trump‘s possible firing of Federal Reserve Chairman Jerome Powell.

Trump has raged against Powell in recent months for not lowering interest rates. White House officials confirmed to the Washington Examiner on Wednesday that Trump has started asking Republican lawmakers about terminating Powell ahead of the scheduled conclusion of his term next year, though they cautioned against the idea that Powell would be fired in the immediate future.

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Trump’s beef with Powell centers almost exclusively on interest rates, but he has also started criticizing the chairman for his management of the $2.5 billion renovation of two Fed buildings in Washington.

“I think it sort of is,” Trump told reporters when asked if the delays in the project are sufficient grounds for firing Powell. “When you spend $2.5 billion on, really, a renovation, I think it’s really disgraceful.”

White House Office of Management and Budget Director Russ Vought took that one step further Thursday morning, telling reporters that White House officials are looking to personally investigate the project.

“We want to go over there,” Vought said. “We want to see what’s going on. Obviously, the cost overrun is very concerning, and the extent to which we don’t believe that just having the inspector general do a review is something that is going to be enough. So we want to have a sit-down with those that are in charge of the project and get a brief from them and see where we’re at.”

Vought denied that the increased scrutiny of the renovation project is simply a “pretext” for finding a cause to fire Powell that could have a better chance of surviving legal challenges.

“The president’s a builder,” Vought continued. “He has concerns with an overrun of this nature. I mean, it’s not an overrun of a normal building. We’re talking about a building that’s approaching the largest amount of spending that’s ever been done on a building before, and we want to know why. The Fed’s been mismanaged for a number of years. They’re no longer providing a profit that comes back to the Treasury in the form of remittances. And so this is something that there are implications across the board, and we’re going to continue to get our handle on.”

The Federal Reserve’s renovation is estimated to come in roughly $700 million over the original projected budget, proposed during Trump’s first term in office.

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The board claims that the cost increases stem from a number of factors, including increased materials costs and unforeseen circumstances, including “more asbestos than anticipated, toxic contamination in soil, and a higher-than-expected water table.”

The board also says the renovation will remediate serious “safety issues” for Fed workers and will, “over time,” reduce overall costs by helping to consolidate its workforce operations.