{"id":2462412,"date":"2025-07-16T11:31:01","date_gmt":"2025-07-16T15:31:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-eyes-opportunity-to-oust-powell-over-2-5-billion-fed-renovation\/"},"modified":"2025-07-16T11:32:49","modified_gmt":"2025-07-16T15:32:49","slug":"trump-eyes-opportunity-to-oust-powell-over-2-5-billion-fed-renovation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-eyes-opportunity-to-oust-powell-over-2-5-billion-fed-renovation\/","title":{"rendered":"Trump eyes opportunity to oust Powell over $2.5 billion Fed renovation"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-eyes-opportunity-to-oust-powell-over-2-5-billion-fed-renovation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2462412&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Donald Trump has criticized Federal Reserve Chairman Jerome Powell over a $700 million cost overrun in the renovation and extension of the Fed&#8217;s headquarters in Washington, D.C. The project&#8217;s total cost rose from under $2 billion to approximately $2.5 billion, which Trump called a &#8220;fireable offense.&#8221; the <a href=\"https:\/\/amzn.to\/3YuVZYV\" >expensive renovation included luxury features<\/a> such as rooftop gardens,VIP elevators,and premium materials,with costs per square foot nearly double that of typical federal building renovations. The Office of Management and Budget has launched an inquiry into the matter. Trump has long opposed Powell&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/benchmark-inflation-measure-hits-highest-level-in-30-years\/\" title=\"Benchmark Inflation Measure Hits Highest Level In 30 Years\">monetary policy decisions<\/a>, notably the Federal reserve&#8217;s reluctance to cut interest rates quickly.He has threatened to replace Powell, whose <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-border-county-judge-faces-possible-removal-for-alleged-misconduct-in-murder-trial\/\" title=\"Texas Border County Judge Faces Possible Removal for Alleged Misconduct in Murder Trial\">current term runs<\/a> until 2026, and is reportedly considering potential successors, including Treasury Secretary Scott Bessent. The selection process for Powell&#8217;s replacement is reportedly underway, and a change could occur as early as this fall.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump eyes opportunity to oust Powell in $700 million overrun on Fed building extension<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2171670\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title=\"Jerome Powell's\">Donald Trump<\/a> may have found a way to oust <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/federal-reserve\/\" target=\"_blank\" rel=\"noopener\" title=\"Federal Reserve\">Federal Reserve<\/a> Chairman <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/jerome-powell\/\" target=\"_blank\" rel=\"noopener\" title=\"Jerome Powell's\">Jerome Powell<\/a>, whom he has long criticized for the Fed keeping interest rates too high despite inflation falling. On Tuesday, he called Powell&rsquo;s $700 million overspend on renovating the central bank a &ldquo;fireable offense.&rdquo;<\/p>\n<p>The president escalated his rhetoric against Powell over an extension to the Fed&rsquo;s headquarters in Washington, D.C., which cost roughly $700 million more than its initial receipt of under $2 billion. The project ended up costing $2.5 billion, significantly more than expected.<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/3472752\/public-service-commission-green-lights-georgia-power-plan\/\">Public Service Commission green lights Georgia Power plan<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/house\/3472329\/biden-aide-anthony-bernal-deposition-house-oversight-committee-autopen\/\">Former Biden aide Anthony Bernal invokes Fifth Amendment before House Oversight Committee in autopen investigation<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/crime\/3472631\/former-epstein-lawyers-say-there-isnt-a-client-list\/\">Former Epstein lawyers say there isn&#8217;t a client list<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;I think he&rsquo;s terrible&hellip; But the one thing I didn&rsquo;t see him as a guy that needed a palace to live in,&rdquo; Trump told reporters. &ldquo;But the one thing I would have never guessed is that he would be spending two and a half billion dollars to build a little extension onto the Fed.&rdquo;<\/p>\n<p>Office of Management and Budget Director Russ Vought <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3468203\/white-house-escalates-war-powell-inquiry-700m-overrun-fed-hq\/\" target=\"_blank\" rel=\"noopener\" title=\"opened an inquiry\">opened an inquiry<\/a> into the matter last week.<\/p>\n<p>&ldquo;Now up to $2.5 billion, roughly $700 million over its initial cost,&rdquo; Vought posted on social media. &ldquo;These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923 &mdash; double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today&rsquo;s dollars!&rdquo;<\/p>\n<p>The renovation was approved by the Fed&rsquo;s Board of Governors in 2017. It initially cost about $1.9 billion in 2019 and later ballooned to around $2.5 billion because of design changes, differences between original estimates and actual costs, and &ldquo;unforeseen conditions,&rdquo; the Fed <a href=\"https:\/\/www.federalreserve.gov\/faqs\/building-project-faqs.htm\" target=\"_blank\" rel=\"noopener\" title=\"says on its website\">says on its website<\/a>.<\/p>\n<p>When a reporter asked if the expensive renovation was a fireable offense, Trump replied, &ldquo;I think it sort of is.&rdquo;<\/p>\n<p>Powell recently drew the ire of the White House when he said the Fed would hold off on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-sees-double-digit-drop-in-approval-among-black-voters-even-worse-among-young-black-voters-survey\/\" title=\"Biden Sees Double-Digit Drop In Approval Among Black Voters, Even Worse Among Young Black Voters: Survey\">cutting interest rates<\/a> for now due to concerns over tariffs driving up prices. Trump says he wants the interest rates to be at or below 1%.<\/p>\n<p>&rdquo;We should be at 1%,&rdquo; he said on Monday. &ldquo;We should be less than 1%.&rdquo;<\/p>\n<p>Trump previously nicknamed the Fed chairman &ldquo;Too Late Powell&rdquo; for his cautious approach to lowering interest rates.<\/p>\n<p>Powell was appointed during Trump&rsquo;s first term in 2017. Following the president&rsquo;s attacks, Powell could lose his job. Trump is reportedly considering several replacements, including Treasury Secretary Scott Bessent.<\/p>\n<p>&ldquo;He&rsquo;s an option, and he&rsquo;s very good,&rdquo; Trump said of Bessent. &ldquo;Well, he&rsquo;s not, because I like the job he&rsquo;s doing, right?&rdquo;<\/p>\n<p>Bessent confirmed this week that the &ldquo;formal process&rdquo; to find Powell&rsquo;s successor is already underway.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/beltway-confidential\/3472152\/trump-tariffs-didnt-cause-rising-inflation-federal-reserve-will-pause\/\" target=\"_blank\" rel=\"noopener\" title=\"TRUMP TARIFFS DIDN'T CAUSE RISING INFLATION, BUT THE FEDERAL RESERVE WILL PAUSE REGARDLESS\">TRUMP TARIFFS DIDN&rsquo;T CAUSE RISING INFLATION, BUT THE FEDERAL RESERVE WILL PAUSE REGARDLESS<\/a><\/strong><\/p>\n<p>&ldquo;There are a lot of good candidates inside and outside the Federal Reserve,&rdquo; the treasury secretary said.<\/p>\n<p>Trump could name Powell&rsquo;s replacement <a href=\"https:\/\/www.wsj.com\/economy\/central-banking\/trump-next-federal-reserve-chair-powell-d3edcb9c?gaa_at=eafs&amp;gaa_n=ASWzDAjyAlBVmxtpyB9HjkK5GcFGoUsKSPWkhoPT7o_tL_sxvsG2TS59gj1mkYbcg4E%3D&amp;gaa_ts=6877ab67&amp;gaa_sig=qiOuYuqqMzHQOm5Obtv2hsmVEI5MUdTyhEcA5mvHApRpgSAGKYeH52nkexXvf2oGu9VrkpUaBiWgyv1k27YcdQ%3D%3D\" target=\"_blank\" rel=\"noopener\" title=\"\">as early as this fall<\/a>, the <em>Wall Street Journal<\/em> reported last month. Powell&rsquo;s term as chairman ends in May 2026, though he could technically remain on the Fed&rsquo;s Board of Governors until January 2028.<\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2171670\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2171670\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump targets Powell over $700M Fed building cost overrun<\/p>\n","protected":false},"author":2159,"featured_media":2462413,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/07\/powell_renovation.webp","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[59215,32663,37324,8975,3634],"class_list":["post-2462412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-fed-renovation","tag-federal-reserve","tag-political-conflict","tag-powell","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/07\/powell_renovation.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2462412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2462412"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2462412\/revisions"}],"predecessor-version":[{"id":2462416,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2462412\/revisions\/2462416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2462413"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2462412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2462412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2462412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}