Trump budget chief Vought ramps up criticism of Powell, vows investigation into Fed renovations

$2.5 Billion Palace or Monumental Mismanagement? The Fed's Renovation Scandal **Imagine this:** A $2.5 billion renovation. For a *Federal Reserve building*. Is this fiscal responsibility, or a blatant display of wasteful spending? This isn't just about bricks and mortar; it's about a potential power struggle at the highest levels of American government. Discover the shocking truth behind the opulent upgrades and the political firestorm they ignited.

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The "Palace" on the National Mall: A Costly Overhaul The Marriner S. Eccles Federal Reserve building in Washington, D.C., is undergoing a massive renovation—a project initially estimated at a staggering $2.5 billion, now said to be significantly over budget. Photos show a construction site of epic proportions, hinting at luxurious amenities. But OMB Director Russell Vought isn't impressed. He's calling it a "palace," and he's launched an investigation.

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Vought, a key figure in the Trump administration, openly accused Fed Chair Jerome Powell of misleading Congress about the project's true cost and scope. He alleges that Powell's claims were false, including the presence of a VIP dining area and rooftop terrace gardens—features seemingly confirmed in project specifications. This isn't just about numbers on a page; it's about potential deception on a massive scale. A Feud Fueled by Billions: Trump vs. Powell

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This investigation adds another explosive chapter to the ongoing feud between President Trump and Fed Chair Powell. Trump, already critical of Powell's interest rate policies, now sees this "palace" as further evidence of mismanagement. The accusations are serious, and the stakes are even higher. The New Board and the OMB's Growing Concern

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To further complicate matters, President Trump recently appointed three new members to the National Capital Planning Commission—the body overseeing the renovation. These appointees have direct White House ties, raising questions about potential bias and influence. This raises eyebrows, prompting questions about whether the OMB has the authority to intervene in the Fed's finances. The implications are significant, impacting how future building projects are planned and executed. **What will the investigation uncover?**

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Will the evidence support Vought’s claims of mismanagement? Could this lead to Powell's dismissal? Or is this a political maneuver to pressure the Fed? The answers are shrouded in mystery, promising a thrilling suspense. The Fed's Response and the Legal Labyrinth

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Fed officials have remained silent, declining to comment on the accusations. However, a recent Supreme Court ruling complicates any attempt to fire Powell. Even so, the building renovation scandal could provide Trump with the "cause" he needs for dismissal. Will this massive project lead to a major constitutional showdown? The legal landscape is already complex, and the plot continues to thicken. The Financial Fallout: More Than Just Bricks and Mortar The Fed, a quasi-governmental agency, doesn't receive direct taxpayer funding. However, rising Treasury yields have recently caused the Fed to operate at a loss. Trump has directly linked this loss to the Fed's interest rate decisions, framing the situation as a major financial setback for the government. The investigation into this costly renovation further exacerbates the tension, drawing increased scrutiny toward the Fed's financial practices. **Ready to delve deeper into this high-stakes drama?** The next chapter promises revelations that will leave you breathless! The battle over the Fed's "palace" is far from over.