OMB Director Questions Powell Over Fed HQ Renovation Spending

Office of Management and Budget (OMB) Director Russell Vought has criticized Federal Reserve Chairman Jerome Powell in a letter dated July 10 and said he is concerned about the renovation cost for the central bank’s headquarters in Washington. Vought said plans for the building may have violated government building rules and warned that the construction could be halted immediately. “The President is extremely troubled by your management of the Federal Reserve System,” Vought wrote in a letter he posted to social media platform X on Thursday. “Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.”...