Earnings Mastery
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
  • Politics
  • Business
  • Investing
  • World
No Result
View All Result
Earnings Mastery
No Result
View All Result
Home Business

White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

July 11, 2025
in Business
White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey and “ostentatious” renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.

Trump has repeatedly called on the Fed chairman to cut interest rates, without success. He reportedly has considered firing Powell and, more recently, publicly naming the chairman’s replacement months earlier than the end of Powell’s term next spring.

Vought’s letter raises the question of whether Trump will seek to remove Powell for cause, at least ostensibly.

But the Supreme Court in a recent decision strongly suggested that Federal Reserve board members have special protection from being fired by a president.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

“Now up to $2.5 billion, roughly $700 million over its initial cost,” Vought wrote. “The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”

Vought’s tweet linked to a letter he sent Powell that referenced the Fed boss’s June 25 testimony before the Senate Banking Committee.

“Your testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote.

“The plans for this project called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more,” he wrote.

But Powell, in his testimony, said, “There’s no VIP dining room. There’s no new marble. There are no special elevators. There are no new water features. There’s no beehives and there’s no roof terrace gardens,” 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,” Vought wrote.

This post appeared first on NBC NEWS

Previous Post

Asian markets open: Nikkei down; Bank of Korea holds rates; Sensex opens flat

Next Post

Sports executive charged with bid-rigging in Texas arena project

Next Post
Sports executive charged with bid-rigging in Texas arena project

Sports executive charged with bid-rigging in Texas arena project

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    AMD stock: HSBC says it’s catching up to Nvidia – but is it really?

    July 11, 2025
    Apple lines up new iPhones, macbook, iPad for early 2026: report

    Apple lines up new iPhones, macbook, iPad for early 2026: report

    July 11, 2025
    Top 4 crypto stocks to buy and hold as Bitcoin enters new era

    Top 4 crypto stocks to buy and hold as Bitcoin enters new era

    July 11, 2025
    European stocks fall after four-day rally as Trump tariff concerns resurface

    European stocks fall after four-day rally as Trump tariff concerns resurface

    July 11, 2025
    Jim Cramer names his top 4 stocks that are trading at a big discount

    Jim Cramer names his top 4 stocks that are trading at a big discount

    July 11, 2025
    Glenmark Pharma hits record high after $2B licensing deal for cancer drug

    Glenmark Pharma hits record high after $2B licensing deal for cancer drug

    July 11, 2025

    Disclaimer: EarningsMastery.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Popular

    Microsoft to cut 9,000 jobs, as company wide layoffs increase

    July 3, 2025

    Latest

    AMD stock: HSBC says it’s catching up to Nvidia – but is it really?

    July 11, 2025
    Apple lines up new iPhones, macbook, iPad for early 2026: report

    Apple lines up new iPhones, macbook, iPad for early 2026: report

    July 11, 2025
    Top 4 crypto stocks to buy and hold as Bitcoin enters new era

    Top 4 crypto stocks to buy and hold as Bitcoin enters new era

    July 11, 2025
    • About us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 earningsmastery.com | All Rights Reserved

    No Result
    View All Result
    • Politics
    • Business
    • Investing
    • World

    Copyright © 2025 earningsmastery.com | All Rights Reserved