Trump Escalates Pressure on Fed’s Powell Over ‘Ostentatious’ HQ Renovation

President Donald Trump is intensifying his campaign against Federal Reserve Chairman Jerome Powell, shifting focus to the central bank’s headquarters renovation plans as a new avenue for pressure. The latest development saw Russ Vought, Trump’s top budget adviser, send a letter to Powell, expressing the president’s “extreme trouble” over potential violations of government building rules with an “ostentatious overhaul.”

This move follows Trump’s recent appointment of close aides James Blair and Will Scharf to an obscure commission tasked with reviewing the Federal Reserve building plans, signaling a concerted effort to increase scrutiny on Powell. These actions are part of an unprecedented push by Trump to influence the Fed’s traditionally autonomous role in U.S. monetary policy, aiming to either secure interest rate cuts or prompt Powell’s resignation.

The administration’s criticism centers on the renovation of the 90-year-old Marriner S. Eccles Building. Vought’s letter highlighted initial plans that included rooftop terrace gardens, VIP dining rooms, and premium marble. While Powell testified last month that some of these elements are no longer part of the project, Trump’s allies, including Bill Pulte, have publicly accused Powell of misleading Congress regarding the renovations and his testimony.

Despite Supreme Court rulings suggesting limits on direct presidential removal, Trump’s administration is employing alternative tactics to make Powell’s position uncomfortable. Experts warn that while budget scrutiny is beneficial, compromising the Fed’s independence could have severe negative consequences for the economy and inflation expectations.

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