Overview
- President Trump led an on-site inspection of the Federal Reserve’s Washington headquarters renovation on July 24, joined by Senators Tim Scott and Thom Tillis, OMB Director Russell Vought, Deputy Chief of Staff James Blair and FHFA head Bill Pulte.
- The rare presidential tour marked only the fourth visit to the Fed’s main building since 1937 and the first by a sitting president since 2006.
- Trump highlighted the project’s budget swell from $1.9 billion to $2.5 billion and reiterated that cost overruns could constitute “for cause” grounds to remove Chair Jerome Powell.
- Fed officials defended the extensive overhaul as necessary for asbestos abatement, hazardous-material removal, and modernization of century-old systems amid post-pandemic price pressures.
- Federal Reserve law, reinforced by a recent Supreme Court ruling, shields the chair from dismissal absent proven misconduct even as tensions over steady interest rates continue.