White House officials will tour the Federal Reserve headquarters Thursday to see the ongoing construction and get answers as to why the renovations are over budget.
James Blair, the White House deputy chief of staff, announced on X on Tuesday, “We go Thursday!”
This comes after Mr. Blair said Monday that the Fed released a virtual site visit video rather than setting up an actual tour.
“What do they not want us to see?” he wrote on X.
Mr. Blair said Friday that the Fed offered them a tour at 7 p.m., but they declined it since it was after hours at the end of the week.
The White House and the Office of Management and Budget have grown increasingly critical of the central bank’s $2.5 billion plan to renovate its headquarters on the National Mall in Washington.
The renovations were originally priced at $1.8 billion, and the Fed has said the cost increases were due to design changes, increases in the cost of materials, equipment, and labor, and “unforeseen conditions” such as more asbestos than anticipated and toxic contamination in the soil.
The criticism of the headquarters construction only exacerbates the tension between President Trump and Federal Reserve Chairman Jerome H. Powell. Mr. Trump has taken to calling Mr. Powell “Too Late” for not lowering interest rates.
On Tuesday, Mr. Trump said the Fed should lower interest rates by three full percentage points to help prospective homeowners and save the federal government on interest payments. Mr. Powell’s term as chairman expires next May.
Mr. Trump called Mr. Powell a “numbskull.”
“This guy’s building this building that’s severely overrun and what does he need the building for?” the president said.
OMB Director Russell Vought has ramped up his criticism of the headquarters construction, comparing its price tag to France’s Palace of Versailles and suggesting that the Fed has lied to Congress about how much the project would cost.
The Fed has defended itself via a Frequently Asked Questions page on its website.
“The Federal Reserve takes seriously the responsibility to be a good steward of public resources. The project will reduce costs over time by allowing the Board to consolidate most of its operations. It involves a complete overhaul and modernization that preserves two historical buildings that have been comprehensively renovated since their construction in the 1930s,” the page said.
It also said no “new VIP dining rooms are being constructed as part of the project,” something Mr. Vought has questioned.
“[The] Eccles [building] has conference rooms, which are being renovated and preserved,” the website said. “They are also used for mealtime meetings.”
• Mallory Wilson can be reached at mwilson@washingtontimes.com.