Overview

• OMB Director Russell Vought accused Fed Chair Jerome Powell of mismanaging a $2.5 billion overhaul of the Marriner S. Eccles Building and ordered a halt to construction pending new NCPC approval within seven days.
• The Office of Management and Budget says renovation costs have swelled roughly $700 million over budget and initially called for features such as rooftop gardens, VIP dining rooms and premium marble.
• Powell told the Senate Banking Committee that elements like water features, special elevators and roof terrace gardens were part of an outdated plan and are not included in the current project.
• President Trump’s July 9 “I like you better” remark about Treasury Secretary Scott Bessent has intensified speculation that Bessent could succeed Powell before his term ends in May 2026.
• A recent Supreme Court decision underscored for-cause removal protections for Federal Reserve officials, complicating any effort by the president to oust Powell without legal grounds.