The White House has accused Jay Powell of “grossly” mismanaging an “ostentatious” refurbishment of the Federal Reserve’s headquarters, opening a new front in its attack against the US central bank.
Russell Vought, director of the Office of Management and Budget, said in a post on X that Powell, the Fed chair, had “grossly mismanaged the Fed”, accusing the central bank chief of presiding over a renovation of its headquarters that was $700mn over budget.
In a letter posted to X, the Trump ally said: “The President is extremely troubled by your management of the Federal Reserve System. Instead of attempting to right the Fed’s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington DC headquarters.”
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