Trump budget chief Vought ramps up criticism of Powell, vows investigation into Fed renovations
On Friday, the management office and budget director Russell Vought promised to publish an investigation into the renovations in the federal reserve building on Friday, which called the “palace” where costs run.
Vought, CNBC, was investigating whether Powell was misleading about the project of 2.5 billion dollars, Vought, in a potential increase in his case with President Donald Trump’s FED President Jerome Powell.
“When you go to the country’s shopping center, you see the construction of this palace … It overflowed a large cost of $ 2.5 billion, and we want to make sure that we have facts about Largesse and to what extent it was invaded.” He said. “I think this only points to the Fed’s basic bad management under the president.”
Marriner S. ECCLES Federal Reserve Building, Washington DC, on Tuesday, October 24, 2023 during the renovation in the USA.
Valerie Plesch | Bloomberg | Getty Images
In a letter released on Thursday, Vought misleaded Powell’s “Fed to a great extent wrong” and misleading the renewal price and scope of the Central Bank’s center in Washington DC.
Vought said that the FED was on the budget on the project and some higher aspects of renovation such as a VIP dining area and roof terrace gardens in June mislead a congress panel when he said that it was not involved in specifications for redesign.
The accusations represent another front in Trump’s ongoing campaign against Powell. Trump claimed that the Central Bank leader had not reduced interest rates and called Powell to resign.
“The problem with President Powell is that it is late at every opportunity, “Vought said.” Time to reduce rates. You have a problem there. However, this is about the fact that he systemically managed Largesse and the Fed systemically, and this is open to what we see about the Monster, the Palace of Versailles, the National Shopping Center. “
New Board Members who control the FED project
The renewal project is under the jurisdiction of the National Capital Planning Commission. Recently, Trump appointed three new members with direct ties with the White House – Will Scharf, the new president, the Secretary of White House personnel, James Blair, Deputy Chief of General Staff of White House and Policy Analyst Stuart Levenbach.
Source: National Capitol Planning Commission
Powell said he did not play a role in the decision of the FED rate of politics. He and his colleagues have carried out the borrowing rate over a significant night since December, but the markets are not largely at the Fed’s July meeting, but waiting for a deduction in September.
A recent Supreme Supreme Court said that the presidents could not shoot the FED officials as they wish. However, the accusations against building renewals can help Trump create a lawsuit to reject Powell for a case.
In any case, Powell’s presidential period ends in May 2026, but may remain as governor until 2028. Trump nominated Powell in November 2017 in the first period. The Senate confirmed Powell in February and former President Joe Biden nominated Powell for a second period that began in 2022.
During the CNBC interview, Vought did not directly discuss whether the charges of building renewal were linked to Powell’s position on interest rates.
“This is definitely about the Fed’s financial bad management. [interest rates] One aspect of this, “he said.” We’il bring it closer to this for the last few days. We have new commissioners who ask very difficult questions in the National Capital Planning Commission. “
Cnbc.com has reached the Fed for a comment.
Washington DC on Wednesday, June 25, 2025, construction at the Marriner S. ECCles Federal Reserve Building in the USA.
AL DRAGO | Bloomberg | Getty Images
