Trump budget chief investigates Fed renovation costs, targets Powell

Office of Management and Budget Director Russell Vought is investigating the $2.5 billion renovation project at the Federal Reserve building, calling it a “palace” with massive cost overruns. Vought accuses Fed Chair Jerome Powell of misleading Congress about the project’s scope and costs, escalating Trump’s feud with Powell.

Vought appointed new board members overseeing the Fed project, all with ties to the White House. Powell denies political influence on Fed decisions, but accusations over the renovation costs could provide Trump with cause to dismiss Powell. Powell’s term as chair expires in May 2026, with speculation about his future at the Fed.

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1. The Federal Reserve announced a 0.25% increase in interest rates, citing strong economic growth and rising inflation concerns.

2. Tesla reported record-breaking delivery numbers for the fourth quarter, exceeding analyst expectations and sending its stock soaring.

3. The latest jobs report showed a decrease in unemployment claims, with 199,000 jobs added in December, beating estimates.: Trump budget chief Vought ramps up criticism of Powell, vows investigation into Fed renovations