🏦Trump and Powell clash over Fed's $2.5 billion renovation costs
Economy
Tax & Budget
President Trump and Fed Chair Jerome Powell clashed over the $2.5 billion renovation of the Fed's headquarters during a site tour on July 26, 2025. Trump criticized the cost overruns but stated it was not necessary to remove Powell. This incident highlights the tension between the White House and the Fed, underscoring the importance of central bank independence in maintaining economic stability.
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Key Takeaways
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Why This Matters
Your economic stability at risk:
Political interference in the Fed can undermine economic policies, affecting your financial security and long-term planning.
Fed independence is crucial:
The central bank's autonomy is essential for making unbiased decisions that support economic growth and stability.
Cost overruns and accountability:
High renovation costs raise questions about financial management and accountability in government projects.
Demand Fed independence:
Contact your representatives at (202) 224-3121 to insist on the Fed's autonomy and transparency in decision-making.
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When did Trump make his unprecedented visit to the Federal Reserve?
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What was the actual cost of the Fed renovation that Powell defended?
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How much did mortgage rates increase during Trump's confrontation with Powell?
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What nickname did Trump give to Fed Chair Jerome Powell?
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How many Fed governors serve on the Federal Reserve Board?
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How should Congress respond to presidential attacks on Federal Reserve independence?
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Why is Federal Reserve independence crucial for economic stability?
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Constitutional Law
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Trump is the first president to publicly confront a Fed chair at Federal Reserve headquarters.
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Ethics & Government Accountability