Jerome Powell Has 'Grossly Mismanaged,' Says Russ Vought As Fed HQ Renovation Costs Soar To $2.5 Billion: 'The Palace Of Versailles Would Have Cost $3 Billion'

Federal Reserve Chair Jerome Powell, Fedshutterstock_2284599845

Office of Management and Budget Director Russ Vought launched a scathing attack on Federal Reserve Chair Jerome Powell on Thursday, accusing him of gross fiscal mismanagement over cost overruns on the Fed’s headquarters renovation project.

What Happened: The renovation costs have ballooned to $2.5 billion, roughly $700 million over initial estimates, according to Vought’s letter to Powell. The project includes terrace rooftop gardens, water features, VIP elevators, and premium marble fixtures at $1,923 per square foot—double the cost of renovating ordinary federal buildings.