Federal Reserve Board Chairman Jerome Powell holds a news conference following a Federal Open Market Committee meeting on June 18, 2025 in Washington, DC.
Win Mcnamee | Getty Images
President Donald Trump‘s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey renovation of the central bank’s headquarters.
The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell.
Trump has repeatedly called on the Fed chairman to cut interest rates, without success.
“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.
“Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”
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