Federal Reserve Chair Jerome Powell is facing intense criticism over the $2.5 billion renovation of the central bank’s historic headquarters in Washington, D.C. Allies of former President Trump and the White House accuse Powell of wasting public funds, but the Fed chief stands firmly by the project.

📬 A Letter Full of Accusations

Leading the charge is Russell Vought, Director of the White House Office of Management and Budget, who sent Powell a sharply worded letter demanding answers within seven days. Vought accused Powell of “mismanagement” and even misleading Congress about the scope and status of the renovation.

Instead of escalating the tension, Powell responded calmly and referred critics to a new section on the Fed’s website, which includes detailed information about the budget, timeline, and architectural plans of the renovation.

🗣️ “We believe it is critically important that our decisions be transparent and accountable to the public,” Powell wrote.

🏗️ No VIP Elevators or Rooftop Parties

Among the most sensational claims in Vought’s letter were allegations that the project included private elevators, exclusive dining areas, and a rooftop garden. The Fed firmly denied those accusations. According to officials:

🔹 No VIP elevators or luxury facilities are planned

🔹 The rooftop will house only essential mechanical systems — not a garden or entertainment space

🔹 The renovation focuses on structural safety, updated wiring, cybersecurity, and ADA compliance

Powell emphasized that this is not a luxury remodel but a long-overdue modernization of a building from the early 20th century — one that must remain safe and operational for decades to come.

🔍 Trump Allies Turn Up the Heat

The criticism isn’t just on paper. Republican Representative Anna Paulina Luna announced she will urge the Department of Justice to investigate whether Powell misled Congress. Meanwhile, Vought has said he plans to personally visit the Fed building, just blocks from the White House.

This controversy is part of a broader campaign by Trump’s allies to undermine Powell’s leadership. Though Powell was appointed by Trump, he later became a frequent target of the former president’s attacks, especially for refusing to cut interest rates even when inflation was low.

📉 In his letter, Vought wrote that President Trump is “increasingly concerned” that Powell’s public statements are not backed by concrete action. He accused Powell of focusing on costly construction instead of addressing the nation’s economic challenges.

🧱 Powell: This Is a Necessary Investment, Not a Luxury

Powell maintains that this renovation is not optional, but a critical infrastructure investment that supports the Fed’s core functions — monetary policy, financial oversight, and payment systems.

Despite Powell’s composed response, the controversy is unlikely to fade. Instead, it may mark the beginning of a broader political push to pressure Powell and steer the Fed in a different direction in the coming months.


#Fed , #Powell , #FederalReserve , #TRUMP , #worldnews

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