White House officials have escalated criticisms against Federal Reserve chair Jerome Powell regarding the costly renovations of the Marriner S. Eccles Building. The project's total construction costs have reached $2.5 billion, approximately $700 million above the initial budget. Allegations focus on poor management and deviations from preapproved plans that may violate rules. Office of Management and Budget Director Russell Vought conveyed his concerns in a letter, emphasizing the management of the renovation costs and questioning several project aspects. This situation indicates a potential move towards removing Powell from his position for cause.
The White House has openly launched a political attack against Federal Reserve chair Jerome Powell, accusing him of mismanaging the renovations of the Federal Reserve's Marriner S. Eccles Building.
Current construction costs for the renovation project have escalated to $2.5 billion, which is approximately $700 million more than originally allocated according to the Federal Reserve's latest budget.
Allegations against Powell include claims that the renovation plans are over budget, indicating poor management, and revisions to the original 2021 plan that could violate government rules.
The Office of Management and Budget Director Russell Vought has formally expressed concerns through a letter, questioning the renovations' cost overruns, focusing on high-profile elements of the project.
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