07/15/2025

Fed Chair Powell Seeks Watchdog Review of Federal Reserve Building Overhaul

Powell remains under fire by Trump over renovation costs

Federal Reserve Chair Jerome Powell has asked an inspector general to review the cost of the central bank’s building renovations that White House officials have attacked as "ostentatious."

A spokesperson for the inspector general, an independent watchdog, confirmed the request and declined further comment. Axios previously reported the request.

The Fed has been renovating two of its office buildings in Washington for several years at a current cost estimate of about $2.5 billion, $700 million more than originally expected. The project was first approved by the Fed’s governing board in 2017. Trump administration officials have seized on the expense and some alleged amenities in the remodeled buildings to extend their criticism of Powell, whom the president has attacked for not reducing the Fed’s short-term rate to bump up his "economic victories."

Please select this link to read the complete article from The Associated Press.