July 18, 2025
Federal Reserve Board defends Eccles Building renovation to Congress
Italian marble and gold fixtures cost $2.5 billion as Powell preaches discipline
🔐Ethics💰Economy
Fed renovation costs ballooned from original estimates to $2.5 billion—10 times initial projections before pandemic-era inflation hit construction nationwide
Powell's July 17, 2025 letter to OMB Director 
Russell Vought detailed $75 million spent on imported marble alone, more than many cities' total annual operating budgets
Trump appointees to U.S. Commission of Fine Arts in 2020 rejected Fed architects' glass wall plans, mandating expensive white Georgia marble to comply with Trump's neoclassical federal building executive order
Renovation affects both Marriner S. Eccles Building and 1951 Constitution Avenue building, nearly century-old structures with lead, asbestos, and antiquated mechanical systems requiring specialized removal
Construction challenges included pandemic supply chain disruptions, structural steel price spikes in 2021-2022, labor shortages in mechanical/electrical trades, plus unexpected DC soil water table issues
Washington Building Congress awarded foundation contractor 'excellence in the face of adversity' recognition for difficult excavation work under strict DC height restrictions requiring deeper underground construction
Trump claimed renovation includes 'VIP dining rooms, new marble, special elevators, water features, beehives, roof terrace gardens'—features Powell denied in congressional testimony
Fed voluntarily worked with National Capital Planning Commission for oversight, though legally not subject to NCPC direction as independent agency
Kevin Hassett, National Economic Council director, called Fed spending 'real problem' claiming $2.5 billion without 'real congressional oversight' violates Federal Reserve Act framers' intent
Former Fed Governor 
Kevin Warsh, potential Powell successor, called costs 'outrageous' evidence central bank 'has lost its way' on Fox News
Inspector General review requested by Powell following White House criticism over 'fundamental mismanagement' allegations from OMB Director Vought
Fed canceled third building renovations and eliminated controversial features to reduce costs and delays, though total remained $2.5 billion
🔐Ethics💰Economy
Test Your Knowledge
10
Q1
Trump originally appointed Powell as Fed Chairman in 2017.
Q2
The Fed renovation is subject to historic preservation requirements.
Q3
How much has the Federal Reserve headquarters renovation cost ballooned to?
Q4
The Fed's renovation costs _____ years of school lunches for _____ million children while Powell installs $_____ designer toilets.
Q5
What did Trump call Powell when he cut rates during the pandemic?
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Jerome Powell
Federal Reserve Chairman
Russell Vought
OMB Director
Kevin Hassett
National Economic Council Director
Kevin Warsh
Former Fed Governor, Potential Powell Successor