The White House has accused Federal Reserve Chairman Jerome Powell of mismanagement regarding renovations at the central bank's headquarters. The accusations come as President Trump demands lower interest rates. The Federal Reserve maintains a wait-and-see approach due to potential inflation from Trump's tariffs. Office of Management and Budget Director Russell Vought cited cost overruns and compliance issues with the National Capital Planning Act in a letter to Powell, raising questions about changes in the renovation plans since 2021. Vought has called for an investigation into the project.
The stakes are much higher: monetary policy at the world's most important central bank and its independence from political pressure.
In a letter that was sent to the Fed chief on Thursday, Office of Management and Budget Director Russell Vought cited the project's cost overruns and raised questions about its compliance with the National Capital Planning Act.
Powell's recent statements that there are no plans for a VIP dining room, new marble, special elevators, new water features, or rooftop terrace garden suggest plans changed from what was approved in 2021.
Vought wrote, "Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements."
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