{"id":37591,"date":"2025-07-11T00:27:07","date_gmt":"2025-07-11T00:27:07","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/trump-official-criticizes-fed-chief-jerome-powell-for-ostentatious-office-renovations-as-trump-takes-aim-over-interest-rates\/"},"modified":"2025-07-11T00:27:07","modified_gmt":"2025-07-11T00:27:07","slug":"trump-official-criticizes-fed-chief-jerome-powell-for-ostentatious-office-renovations-as-trump-takes-aim-over-interest-rates","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/trump-official-criticizes-fed-chief-jerome-powell-for-ostentatious-office-renovations-as-trump-takes-aim-over-interest-rates\/","title":{"rendered":"Trump official criticizes Fed chief Jerome Powell for &#8220;ostentatious&#8221; office renovations, as Trump takes aim over interest rates"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>A top Trump administration official accused Federal Reserve Chair Jerome Powell of leading an &#8220;ostentatious&#8221; office renovation project that may be &#8220;violating the law&#8221; on Thursday, a new broadside against the central bank chief as President Trump tangles with him over interest rates.<\/p>\n<p>&#8220;The President is extremely troubled by your management of the Federal Reserve System,&#8221; Office of Management and Budget Chair Russell Vought <a href=\"https:\/\/x.com\/WHOMB\/status\/1943380800390463840\/photo\/2\" target=\"_blank\" rel=\"nofollow noopener\">wrote in a letter Thursday<\/a>.<\/p>\n<p>The letter came after months of criticism from Mr. Trump over the Fed&#8217;s decision <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/fed-meeting-today-fomc-interest-rate-decision-federal-reserve-june\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">not to slash interest rates<\/a><\/span>. Economists say lowering rates may accelerate economic growth, but also runs the risk of causing inflation to spike. That has led the Fed&#8217;s interest rate-setting committee \u2014 which Powell chairs \u2014 to keep rates steady so far this year after cutting rates slightly last year.<\/p>\n<p>Mr. Trump has called on Powell to resign from his post, and last month, the president <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/trump-says-maybe-try-to-fire-federal-reserve-jerome-powell-interest-rates\/\" data-invalid-url-rewritten-http=\"\">called Powell<\/a><\/span> a &#8220;numbskull&#8221; over his interest rate decisions and said &#8220;maybe&#8221; he&#8217;ll try to fire Powell \u2014 though federal law <a href=\"https:\/\/www.federalreserve.gov\/aboutthefed\/section10.htm\" target=\"_blank\" rel=\"nofollow noopener\">states<\/a> the Fed chair can only be fired &#8220;for cause,&#8221;<strong> <br \/><\/strong>which typically refers to firings due to specific misconduct or performance issues. In the past, Mr. Trump had said he doesn&#8217;t plan on trying to fire Powell, whose term as Fed chair ends next year.\u00a0<\/p>\n<p>Vought&#8217;s letter took aim at Powell and the central bank over its years-long office renovation project in Washington, D.C. The letter said <a href=\"https:\/\/www.ncpc.gov\/files\/projects\/2021\/8113_Marriner_S_Eccles_and_Federal_Reserve_Board-East_Building_Renovation_and_Expansion_Submission_Materials_Sep2021.pdf\" target=\"_blank\" rel=\"nofollow noopener\">plans<\/a> for the project &#8220;called for rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble, and much more.&#8221; Vought also asked whether the Fed has made changes to its <a href=\"https:\/\/www.ncpc.gov\/projects\/8113\/\" target=\"_blank\" rel=\"nofollow noopener\">plans<\/a> without seeking approval from a government commission that oversees D.C.-area federal building projects.\u00a0<\/p>\n<p>CBS News has reached out to the Federal Reserve for comment.<\/p>\n<p>In testimony to the Senate last month, Powell called some descriptions of the renovation project &#8220;misleading and inaccurate.&#8221; He told lawmakers there isn&#8217;t any new marble aside from what&#8217;s necessary to replace broken old marble, and said there are no &#8220;special elevators,&#8221; new water features or rooftop gardens.\u00a0<\/p>\n<p>&#8220;All of the sort of inflammatory things that the media carried are either not in the current plan or just inaccurate,&#8221; Powell said.<\/p>\n<p>Vought&#8217;s letter argued that comment to the Senate &#8220;appears to reveal that the project is out of compliance with the approved plan,&#8221; suggesting the Fed may have run afoul of a law requiring D.C.-area projects be approved by the National Capital Planning Commission. In a post on X, the Office of Management and Budget alleged Powell &#8220;slipped up and revealed he might&#8230;be violating the law.&#8221; The Fed&#8217;s renovation plans were reviewed by the commission several years ago.<\/p>\n<p>The Fed typically operates with a much higher degree of independence than most other government institutions. Federal law <a href=\"https:\/\/www.federalreserve.gov\/aboutthefed\/section10.htm\" target=\"_blank\" rel=\"nofollow noopener\">gives the Fed the power<\/a> to make decisions about acquiring and remodeling buildings in Washington to serve as its office spaces.<\/p>\n<p>The Fed has <a href=\"https:\/\/www.federalreserve.gov\/foia\/files\/2023boardbudget.pdf\" target=\"_blank\" rel=\"nofollow noopener\">previously acknowledged<\/a> in budget reports that the price tag for its office renovations had jumped due to &#8220;significant increases in raw materials costs.&#8221;<\/p>\n<p>Last week, Bill Pulte, the Trump-nominated head of the Federal Housing Finance Agency, <a href=\"https:\/\/x.com\/pulte\/status\/1940436083495620653\" target=\"_blank\" rel=\"nofollow noopener\">also accused<\/a> Powell of &#8220;deceptive&#8221; testimony to the Senate about the office project.<\/p>\n<p>Asked about the allegation in a Cabinet meeting Tuesday, Mr. Trump said: &#8220;Then he should resign immediately. We should get somebody in it that&#8217;s going to lower interest rates.&#8221;<\/p>\n<p>    <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation \">\n<p><h3 class=\"component__title\">More from CBS News<\/h3>\n<\/p>\n<\/aside>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/joe-walsh\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Joe  Walsh<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Joe Walsh is a senior editor for digital politics at CBS News. Joe previously covered breaking news for Forbes and local news in Boston.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/trump-official-criticizes-fed-chief-jerome-powell-office-renovations-interest-rates\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A top Trump administration official accused Federal Reserve Chair Jerome Powell of leading an &#8220;ostentatious&#8221; office renovation project that may<\/p>\n","protected":false},"author":1,"featured_media":37592,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[157,958,1215],"class_list":["post-37591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-donald-trump","tag-federal-reserve","tag-jerome-powell"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trump official criticizes Fed chief Jerome Powell for &quot;ostentatious&quot; office renovations, as Trump takes aim over interest rates - World News<\/title>\n<meta name=\"description\" content=\"A top White House budget official said President Trump is &amp;quot;troubled&amp;quot; by Federal Reserve chair Jerome Powell&amp;#039;s management, as Mr. Trump pressures him over interest rates.\" \/>\n<meta name=\"robots\" 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