{"id":5023,"date":"2025-07-12T20:02:03","date_gmt":"2025-07-12T20:02:03","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/5023\/"},"modified":"2025-07-12T20:02:03","modified_gmt":"2025-07-12T20:02:03","slug":"federal-reserve-rebuts-trump-admin-renovation-attacks","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/5023\/","title":{"rendered":"Federal Reserve rebuts Trump admin renovation attacks"},"content":{"rendered":"<p>U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on &#8220;The Semiannual Monetary Policy Report to the Congress,&#8221; on Capitol Hill in Washington, D.C., U.S., June 24, 2025. <\/p>\n<p>Kevin Lamarque | Reuters<\/p>\n<p>As the <a href=\"https:\/\/www.cnbc.com\/donald-trump\/\" rel=\"nofollow noopener\" target=\"_blank\">Trump administration<\/a> escalates its criticisms of the <a href=\"https:\/\/www.cnbc.com\/federal-reserve\/\" rel=\"nofollow noopener\" target=\"_blank\">Federal Reserve<\/a> and Chairman\u00a0<a href=\"https:\/\/www.cnbc.com\/2025\/07\/01\/powell-confirms-that-the-fed-would-have-cut-by-now-were-it-not-for-tariffs.html\" rel=\"nofollow noopener\" target=\"_blank\">Jerome Powell<\/a>, the central bank is quietly pushing back with a new <a href=\"https:\/\/www.federalreserve.gov\/faqs\/building-project-faqs.htm\" target=\"_blank\" rel=\"nofollow noopener\">&#8220;Frequently Asked Questions&#8221; page<\/a> on its website defending the central bank&#8217;s <a href=\"https:\/\/www.cnbc.com\/2025\/07\/11\/trump-budget-chief-vought-ramps-up-criticism-of-powell-vows-investigation-into-fed-renovations.html\" rel=\"nofollow noopener\" target=\"_blank\">$2.5 billion renovation project<\/a>.<\/p>\n<p>The page, last updated on Friday, directly responds to some of the administration&#8217;s criticisms of the renovation project of the Fed&#8217;s headquarters, which came under attack this week from <a href=\"https:\/\/www.whitehouse.gov\/omb\/\" target=\"_blank\" rel=\"nofollow noopener\">Office of Management and Budget<\/a>\u00a0Director\u00a0<a href=\"https:\/\/www.cnbc.com\/2025\/02\/09\/trumps-acting-consumer-financial-protection-bureau-chief-halts-all-supervision-of-companies.html\" rel=\"nofollow noopener\" target=\"_blank\">Russell Vought<\/a>.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2025\/02\/09\/trumps-acting-consumer-financial-protection-bureau-chief-halts-all-supervision-of-companies.html\" rel=\"nofollow noopener\" target=\"_blank\">Vought<\/a> on Thursday claimed that Powell &#8220;has grossly mismanaged the Fed&#8221;\u00a0and took aim at what he called &#8220;an ostentatious overhaul&#8221; of the Fed&#8217;s renovations, which seeks to modernize the campus for the Federal Reserve, including by renovating three buildings overlooking the National Mall.<\/p>\n<p>&#8220;It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s,&#8221; according to the Fed&#8217;s website.<\/p>\n<p>Vought&#8217;s criticisms of the project, made <a href=\"https:\/\/x.com\/russvought\/status\/1943362774416883908?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1943362774416883908%7Ctwgr%5E9e42962cee374d39c671593946b00b681cc4d016%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbc.com%2F2025%2F07%2F10%2Ftrump-fed-powell-omb.html\" target=\"_blank\" rel=\"nofollow\">via a letter posted on X<\/a>, marked an escalation of the Trump administration&#8217;s <a href=\"https:\/\/www.cnbc.com\/2025\/06\/26\/trumps-war-against-the-powell-fed-has-taken-another-political-turn.html\" rel=\"nofollow noopener\" target=\"_blank\">ongoing campaign against Powell<\/a>. Trump has repeatedly claimed the central bank leader is playing politics by not lowering interest rates, and has called on Powell to resign.<\/p>\n<p>The letter \u2014 and <a href=\"https:\/\/www.cnbc.com\/2025\/07\/11\/trump-budget-chief-vought-ramps-up-criticism-of-powell-vows-investigation-into-fed-renovations.html\" rel=\"nofollow noopener\" target=\"_blank\">Vought&#8217;s Friday pledge<\/a> to pursue an investigation into the Fed&#8217;s renovations \u2014 suggest that the Trump administration is moving to remove Powell before his term ends next year.<\/p>\n<p>But Powell has repeatedly resisted Trump&#8217;s criticisms and repeated attempts to pressure him to <a href=\"https:\/\/www.cnbc.com\/2025\/07\/09\/most-fed-officials-see-rate-cuts-coming-but-opinions-vary-widely-on-how-many-minutes-show.html\" rel=\"nofollow noopener\" target=\"_blank\">cut interest rates<\/a>, the main sticking point in Trump&#8217;s attacks.<\/p>\n<p>The Fed&#8217;s website defending the renovation project is the latest sign that the central bank is gearing up to fight against the Trump administration&#8217;s newest attacks.<\/p>\n<p>&#8220;No new VIP dining rooms are being constructed as part of the project,&#8221; the <a href=\"https:\/\/www.federalreserve.gov\/faqs\/building-project-faqs.htm\" target=\"_blank\" rel=\"nofollow noopener\">FAQs page on the website says.<\/a><\/p>\n<p>&#8220;Eccles has conference rooms, which are being renovated and preserved. They are also used for mealtime meetings,&#8221; the post says of the building.<\/p>\n<p>That line appears to be in direct response to Vought&#8217;s letter, which claimed that the plans for renovations called\u00a0&#8220;for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more.&#8221;<\/p>\n<p>The FAQ page outlines &#8220;the main reasons for cost increases over the course of the project,&#8221; which has been a major line of attack for Trump allies.<\/p>\n<p>The cost of the construction is estimated to be about <a href=\"https:\/\/www.cnbc.com\/2025\/07\/11\/cnbc-daily-open-powell-accused-of-mismanaging-budget-for-fed-renovation.html\" rel=\"nofollow noopener\" target=\"_blank\">$700 million over budget<\/a>.<\/p>\n<p>&#8220;Various factors have driven cost increases,&#8221; the page on the Federal Reserve website says, citing &#8220;changes to original building designs as a result of consultation with review agencies&#8221; and &#8220;unforeseen conditions,&#8221; such as &#8220;more asbestos than anticipated.&#8221;<\/p>\n<p>Taxpayers do not foot the bill for the cost of the renovations. The Fed is self-funded through interest it makes on securities held by the institution and through fees charged banks.<\/p>\n<p>Read more CNBC politics coverage<\/p>\n<p>Vought on Friday pledged to pursue an investigation of the renovations, saying on CNBC, &#8220;We want to make sure we have facts as to the largesse and the extent to which it&#8217;s overrun.&#8221;<\/p>\n<p>Vought&#8217;s Friday comments are a continuation of his X post the day prior, in which he said: &#8220;While continuing to run a deficit since FY23 (the first time in the Fed&#8217;s history), the Fed is way over budget on the renovation of its headquarters.&#8221;<\/p>\n<p>The page indicates it was last updated on July 11, but it&#8217;s unclear when the page was added to the site.<\/p>\n","protected":false},"excerpt":{"rendered":"U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on &#8220;The Semiannual Monetary&hellip;\n","protected":false},"author":2,"featured_media":5024,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[1532,449,1071,28,122,1072,12,101,1070,5534,2938,111,5533,3657,5532],"class_list":["post-5023","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-banks","tag-breaking-news-economy","tag-breaking-news-politics","tag-business","tag-business-news","tag-donald-j-trump","tag-donald-trump","tag-economy","tag-elections","tag-federal-reserve-bank","tag-jerome-powell","tag-politics","tag-russell-vought","tag-u-s-economy","tag-u-s-office-of-management-and-budget"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/5023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=5023"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/5023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/5024"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=5023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=5023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=5023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}