- Jerome Powell defended the Federal Reserve’s D.C. headquarters renovations in a detailed response to White House budget director Russ Vought, rejecting claims of extravagance and reaffirming that all work follows historic preservation and accessibility standards. The exchange highlights growing tensions between Fed Chair Powell and President Trump, who has pushed for rate cuts and threatened to fire Powell despite the bank’s independence.
Jerome Powell has responded to sharp criticism from the Trump administration about renovations to the Fed’s offices, answering questions about changes to the project as well as reaffirming the central bank’s commitment to “transparency for our decisions and to be accountable to the public.”
