Trump official criticizes Fed chief Jerome Powell for
CBS4 days
Fed Chair Powell Asks Inspector General to Review $2.5B Renovation
Above: The Eccles Federal Reserve Building and FRB-East Building renovation on June 19, 2025 in Washington, DC. Image copyright: Kevin Carter/Getty Images
The Spin
Republican narrative
This renovation scandal exposes Powell's complete mismanagement of taxpayer resources while he refuses to lower interest rates that would help American families. The Fed chair either lied to Congress about luxury features or violated federal building laws — either way, he's proven himself unfit to lead our central bank.
Democratic narrative
The Trump administration is manufacturing a bogus controversy to pressure an independent Fed chair — who won't bow to political demands — for rate cuts. This renovation preserves historic buildings with necessary modernization, funded by Fed earnings, not taxpayers. This is an attempt to use the renovations as a backdoor to replace Powell.