Trump Advisers Plan Federal Reserve $2.5B Renovation Review

President Donald Trump's administration has intensified scrutiny of the Federal Reserve's $2.5 billion renovation of its Washington headquarters, with White House officials including Deputy Chief of Staff James Blair, Budget Director Russ Vought, and Federal Housing Finance Agency Director Bill Pulte planning a site visit. The visit aims to closely examine the project amid allegations from the Trump administration that Fed Chair Jerome Powell has mismanaged the renovation, a claim Powell is countering by requesting an inspector general review. Trump has criticized Powell for maintaining high interest rates, which he blames for increased borrowing costs and has suggested could lead to Powell's removal, though he later indicated he does not intend to fire him before his term expires. The Federal Reserve has defended the project, providing public explanations and a video tour highlighting security upgrades, while Treasury Secretary Scott Bessent has called for a broader institutional review of the Fed's mission to address concerns over potential 'mission creep.' The administration's focus on the renovation is viewed as part of a broader challenge to Powell's leadership and the Fed's monetary policy decisions. The visit and investigation reflect ongoing tensions between the White House and the Federal Reserve amid economic policy disagreements.