U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on “The Semiannual Monetary Policy Report to the Congress,” on Capitol Hill in Washington, D.C., U.S., June 24, 2025.
Kevin Lamarque | Reuters
As the Trump administration escalates its criticisms of the Federal Reserve and Chairman Jerome Powell, the central bank is quietly pushing back with a new “Frequently Asked Questions” page on its website defending the central bank’s $2.5 billion renovation project.
The page, last updated on Friday, directly responds to some of the administration’s criticisms of the renovation project of the Fed’s headquarters, which came under attack this week from Office of Management and Budget Director Russell Vought.
Vought on Thursday claimed that Powell “has grossly mismanaged the Fed” and took aim at what he called “an ostentatious overhaul” of the Fed’s renovations, which seeks to modernize the campus for the Federal Reserve, including by renovating three buildings overlooking the National Mall.
“It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s,” according to the Fed’s website.
Vought’s criticisms of the project, made via a letter posted on X, marked an escalation of the Trump administration’s ongoing campaign against Powell. Trump has repeatedly claimed the central bank leader is playing politics by not lowering interest rates, and has called on Powell to resign.
The letter — and Vought’s Friday pledge to pursue an investigation into the Fed’s renovations — suggest that the Trump administration is moving to remove Powell before his term ends next year.
But Powell has repeatedly resisted Trump’s criticisms and repeated attempts to pressure him to cut interest rates, the main sticking point in Trump’s attacks.
The Fed’s website defending the renovation project is the latest sign that the central bank is gearing up to fight against the Trump administration’s newest attacks.
“No new VIP dining rooms are being constructed as part of the project,” the FAQs page on the website says.
“Eccles has conference rooms, which are being renovated and preserved. They are also used for mealtime meetings,” the post says of the building.
That line appears to be in direct response to Vought’s letter, which claimed that the plans for renovations called “for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more.”
The FAQ page outlines “the main reasons for cost increases over the course of the project,” which has been a major line of attack for Trump allies.
The cost of the construction is estimated to be about $700 million over budget.
“Various factors have driven cost increases,” the page on the Federal Reserve website says, citing “changes to original building designs as a result of consultation with review agencies” and “unforeseen conditions,” such as “more asbestos than anticipated.”
Taxpayers do not foot the bill for the cost of the renovations. The Fed is self-funded through interest it makes on securities held by the institution and through fees charged banks.
Vought on Friday pledged to pursue an investigation of the renovations, saying on CNBC, “We want to make sure we have facts as to the largesse and the extent to which it’s overrun.”
Vought’s Friday comments are a continuation of his X post the day prior, in which he said: “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.”
The page indicates it was last updated on July 11, but it’s unclear when the page was added to the site.
