💎Fed Board defends Martin Building renovation to House Financial Services
Economy
Ethics in Government
Federal Reserve Chairman Jerome Powell clashed with President Trump during a July 24, 2025 tour of the Fed's $2.5 billion headquarters renovation. The project—featuring Italian marble and gold-plated fixtures—has ballooned to 10 times original estimates. Trump publicly challenged Powell over costs during the tour, despite his own appointees approving the luxury upgrades in 2023, creating a spectacle that sent markets tumbling over Fed independence concerns.
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Why This Matters
🏠 Your mortgage rates spike when presidents attack Fed independence
The Trump-Bessent conflict adds $50,000 to typical home loans as lenders hedge against politically motivated interest rate changes.
💵 Dollar drops 8% making all imports more expensive within hours
Foreign investors flee U.S. assets when Fed independence appears compromised, instantly raising prices on everything America imports.
💰 Your retirement savings lose inflation protection without independent Fed
Political control of interest rates historically leads to stagflation that destroys fixed-income retirees' purchasing power.
🌍 Diversify savings internationally before political chaos destroys dollar
Open foreign currency accounts at major banks—protecting assets from domestic political interference requires geographic diversification.
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Detailed Content
1
Categorize these Fed renovation issues by type of government failure.
Categorize
Government
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4
How much has the Federal Reserve headquarters renovation cost ballooned to?
Multiple Choice
Economy
5
What impact did the Trump-Powell public clash have on mortgage rates?
Multiple Choice
Ethics & Government Accountability
6
Who is using the Fed renovation costs as potential legal grounds to fire Powell?
Multiple Choice
Government
7
What award did contractors win for the Fed's underground excavation work?
Multiple Choice
Government
8
When did Trump tour the Fed renovation site that sparked market turmoil?
Multiple Choice
Public Policy
9
What specific challenges made the Fed renovation so expensive?
Multiple Choice
Economy
12
13
Powell requested an inspector general review only after Trump's public attacks.
True/False
Ethics & Government Accountability