💎Federal Reserve Board defends Eccles Building renovation to Congress
Economy
Ethics in Government
Federal Reserve Chairman Jerome Powell defended the $2.5 billion headquarters renovation July 18, 2025, responding to White House criticism that the project costs 10 times original estimates. The renovation features Italian marble and specialized finishes while Trump cuts social programs, with OMB Director Russell Vought accusing Powell of 'fundamental mismanagement.' Ironically, Trump appointees on the Fed board approved the luxury upgrades in 2023, and Trump's own Commission of Fine Arts mandated expensive marble over glass in 2020.
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Why This Matters
$2.5 billion renovation equals 5 years of school lunch for 2 million children nationwide
While Powell authorizes $75 million for imported marble alone—more than most cities' annual budgets—Congress cuts SNAP benefits affecting 41 million Americans.
Trump appointees demanded expensive marble in 2020, now attack costs they created
Trump's Commission of Fine Arts rejected Fed's glass facade plans, mandating costly "white Georgia marble" under presidential neoclassical building orders, adding $600 million in overruns.
Pandemic supply chain chaos and DC swamp soil drove 10x cost explosions
Structural steel prices spiked in 2021-2022, labor shortages hit mechanical trades, plus contractors discovered asbestos and water table issues requiring specialized excavation in height-restricted DC.
Trump weaponizes renovation scandal to pressure Powell for election-year rate cuts
White House sources confirm Trump demands rate reductions before 2026 midterms or face contracting investigations—using construction costs to compromise Fed independence.
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Detailed Content
1
Categorize these aspects of the Fed renovation controversy.
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Economy
2
The Fed's renovation costs _____ years of school lunches for _____ million children while Powell installs $_____ designer toilets.
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Ethics & Government Accountability
3
Match each Trump administration criticism to Powell's factual response.
Matching
Government
4
How much has the Federal Reserve headquarters renovation cost ballooned to?
Multiple Choice
Economy
5
Who criticized the Fed renovation as an "ostentatious overhaul"?
Multiple Choice
Ethics & Government Accountability
6
According to sources, who actually pushed for MORE marble during Trump's first term?
Multiple Choice
Economy
7
Powell's Fed term as Chairman expires in which month of 2026?
Multiple Choice
Economy
8
What famous quote did Powell make about leaving the Fed early?
Multiple Choice
Government
9
What did Trump call Powell when he cut rates during the pandemic?
Multiple Choice
Economy
11
Trump originally appointed Powell as Fed Chairman in 2017.
True/False
Economy
12
The Federal Reserve renovation is funded by taxpayers.
True/False
Government
13
The Fed renovation is subject to historic preservation requirements.
True/False
Ethics & Government Accountability