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U.S. President Donald Trump may seek to fire Federal Reserve Chair Jerome Powell over ballooning renovation costs at the Fed’s Washington headquarters, according to White House economic adviser Kevin Hassett. In an interview on ABC’s “This Week,” Hassett said Trump has authority to remove Powell “for cause” if evidence justifies it, referring to a $700 million cost overrun on a $2.5 billion building overhaul.
White House budget chief Russ Vought has sharply criticized the renovation, likening it to France’s lavish Palace of Versailles, citing rooftop gardens, water features, and luxury finishes. The Fed has rejected such claims, stating that the project—its first full renovation since the 1930s—addresses urgent safety issues like asbestos and lead. It also denied installing extravagant features, clarifying that the “green roof” is standard for federal buildings and inaccessible to staff.
The controversy adds to Trump’s ongoing frustration with Powell for not cutting interest rates fast enough. Vice President JD Vance echoed the sentiment, saying the Fed was “too late” on both fighting inflation under Biden and reducing rates now.
An Inspector General report noted a $500 million cost hike from initial estimates due to inflation and structural issues. Powell has defended the project as essential, calling the aging building “unsafe and not waterproof.”
Debate continues over whether Trump has legal authority to remove Powell. While Hassett suggests it’s being examined, House Financial Services Chair Rep. French Hill insists the Fed’s independence shields it from presidential dismissal.
Meanwhile, former Fed governor Kevin Warsh called for a broader “regime change” at the Fed, criticizing its failure in monetary policy and supervision. As Trump eyes a shake-up, speculation grows about who might replace Powell before his term ends in 2026.
