U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” on Capitol Hill in Washington, D.C., U.S., June 24, 2025. <\/p>\n
Kevin Lamarque | Reuters<\/p>\n
As the Trump administration<\/a> escalates its criticisms of the Federal Reserve<\/a> and Chairman\u00a0Jerome Powell<\/a>, the central bank is quietly pushing back with a new “Frequently Asked Questions” page<\/a> on its website defending the central bank’s $2.5 billion renovation project<\/a>.<\/p>\n The page, last updated on Friday, directly responds to some of the administration’s criticisms of the renovation project of the Fed’s headquarters, which came under attack this week from Office of Management and Budget<\/a>\u00a0Director\u00a0Russell Vought<\/a>.<\/p>\n Vought<\/a> on Thursday claimed that Powell “has grossly mismanaged the Fed”\u00a0and took aim at what he called “an ostentatious overhaul” of the Fed’s renovations, which seeks to modernize the campus for the Federal Reserve, including by renovating three buildings overlooking the National Mall.<\/p>\n “It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s,” according to the Fed’s website.<\/p>\n Vought’s criticisms of the project, made via a letter posted on X<\/a>, marked an escalation of the Trump administration’s ongoing campaign against Powell<\/a>. Trump has repeatedly claimed the central bank leader is playing politics by not lowering interest rates, and has called on Powell to resign.<\/p>\n The letter \u2014 and Vought’s Friday pledge<\/a> to pursue an investigation into the Fed’s renovations \u2014 suggest that the Trump administration is moving to remove Powell before his term ends next year.<\/p>\n But Powell has repeatedly resisted Trump’s criticisms and repeated attempts to pressure him to cut interest rates<\/a>, the main sticking point in Trump’s attacks.<\/p>\n The Fed’s website defending the renovation project is the latest sign that the central bank is gearing up to fight against the Trump administration’s newest attacks.<\/p>\n “No new VIP dining rooms are being constructed as part of the project,” the FAQs page on the website says.<\/a><\/p>\n “Eccles has conference rooms, which are being renovated and preserved. They are also used for mealtime meetings,” the post says of the building.<\/p>\n That line appears to be in direct response to Vought’s letter, which claimed that the plans for renovations called\u00a0“for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more.”<\/p>\n The FAQ page outlines “the main reasons for cost increases over the course of the project,” which has been a major line of attack for Trump allies.<\/p>\n