White House Escalates Criticism of Fed Chair Powell

The Trump administration has intensified its criticism of Federal Reserve Chair Jerome Powell, with OMB Director Russell Vought publicly accusing Powell on social media of mismanaging a $2.5 billion renovation of the Fed’s Washington, D.C. headquarters. Vought alleges the project is $700 million over budget and includes luxury features such as rooftop gardens, VIP dining rooms, premium marble, and water features. The administration claims Powell either misled Congress or violated federal law by failing to obtain approval from the National Capital Planning Commission, suggesting grounds for halting construction. President Trump has used the controversy to press for Powell’s resignation, citing frustration over the Fed’s refusal to lower interest rates. Powell has largely avoided public comment, instead emphasizing the Fed’s ongoing focus on inflation and the labor market. The dispute highlights ongoing tensions between the White House and the independent central bank over monetary policy and fiscal oversight.