Overview

• OMB Director Russell Vought accused Jerome Powell of “grossly mismanaging” the Fed’s Marriner S. Eccles Building overhaul after costs swelled to $2.5 billion, roughly $700 million over budget.
• The inquiry argues planned features such as rooftop gardens, VIP dining rooms and premium marble deviate from National Capital Planning Commission approvals and demands answers within seven days.
• President Trump has stepped up public attacks, telling Powell to resign and signaling Treasury Secretary Scott Bessent as a preferred successor after saying “I like you better.”
• The administration has appointed three White House–aligned commissioners to the National Capital Planning Commission to tighten oversight of the renovation review.
• Legal experts warn that tying building-plan disputes to leadership removal could erode the Fed’s independence, which is safeguarded by the Federal Reserve Act and recent Supreme Court rulings.