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‏⭕️ The Trump administration escalates against Powell with allegations of wasting billions of dollars on renovating the Federal Reserve headquarters

🔸 The budget director in President Donald Trump's administration, Russell Vought, accused Federal Reserve Chairman Jerome Powell of "gross mismanagement" of the institution

🔸 Vought indicated that Powell misled Congress regarding the cost of renovating the U.S. central bank's building

🔸 The criticism came as part of a new escalation in the conflict between Trump and Powell, as Trump has been demanding a cut in interest rates to no avail

🔸 Vought clarified that the Federal Reserve has been recording a deficit since the fiscal year 2023, for the first time in its history.

🔸 He added that the cost of renovating the headquarters has risen to $2.5 billion, an increase of $700 million from the original estimates, and includes luxurious features such as rooftop gardens, water fountains, VIP elevators, and luxurious marble, at a cost of $1,923 per square foot