Trump Demands Action Over 'Absurd' Fed Renovation Costs
President Donald Trump has asked Attorney General Todd Blanche to review a report by the federal inspector general on the Federal Reserve's headquarters renovation project. The report found 'deficiencies in the management of the renovation project,' according to Trump, who called the situation 'an absolutely unheard of situation.'
The renovation project, which began in 2022, has cost more than $2 billion to date and is projected to reach at least $2.5 billion with no end in sight, the report states. The Federal Reserve Board did not obtain an initial cost estimate from its construction manager until January 2026, more than 3.5 years after construction began.
Trump criticized the renovation's architectural direction, saying distinctive original features have been destroyed and replaced with inferior finishes. He also called for former Federal Reserve Chair Jerome Powell to resign immediately, blaming him for the project's mismanagement.