White House official to inspect Fed’s $2.5B renovation site this week

White House Chief of Staff, James Blair Federal Reserve The headquarters on Thursday to inspect the central bank renewal project.

Revelation, announced in a post on X, comes as president Donald Trump The blame is directly placed on the President of the Federal Reserve, Jerome Powell for high costs of renewal.

Pictures: Trump and the Federal Reserve Renewal team worth $ 2.5 billion

The office buildings in the Foggy Bottom neighborhood are scheduled to cost a project to update two Washington buildings of the main capital of the Federal Reserve, $ 2.5 billion. The Federal Reserve, not taxpayers, funds renewal.

Powells have already told the legislators that the cost excesses are due to the unexpected construction challenges and the inflation rate in the country.

“There is no new marble,” Powell told the Senate Banking Committee in June. “There are no special elevators. They are old elevators there. There are no new water features. There are no cell cells cells and there are no garden balconies.”

Earlier in July, the administration and budget office, Russell Fair Send a message to Powell Calling the building transforms “comprehensive repair”.

Powell again in his own message.

The Marriner S. Eccles Federal Reserve Building under construction in Washington, July 14, 2025. (Al Drao / Bloomberg via Getty Images / Getty Images)

He said that both buildings need “significant structural reforms and other updates,” noting that asbestos is removed, lead pollution, replacing some electricity, plumbing, ventilation systems, detection of fires and repression.

Tensions between Powell and Trump have deteriorated to a large extent about the interest rate decisions of the Central Bank and wider range Critical policies. Trump has instructed the FBI to reduce prices, which he says can save the nation “hundreds of billions of dollars”.

A look at the battle that reveals between Trump and Powell on the federal reserve policy

Powell kept the main borrowing rate of the central bank in the range of 4.25 % to 4.5 %, and adopted a cautious approach to measuring the economic impact of Trump’s definitions.

Trump recently told the White House correspondents that Powell was “poor work” and said, “He called many people” to beg to the role of the US Central Bank.

Get Fox Business on the Go by clicking here

The president also said that he would likely not shoot Powell before the end of his term in May, but he added that he would not “rule out anything.”