Federal Reserve Board Governors Christopher Waller and Michelle Bowman, both appointed to the body by President Donald Trump, spoke out on Friday about their dissent to the Fed&#8217;s <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged">decision</a> to keep interest rates steady, arguing that delaying rate cuts risks harming the U.S. economy.
In separate statements explaining their dissents, Waller and Bowman, both widely considered as potential successors to Fed Chair Jerome Powell when his term ends in May, advocated for &#8220;gradual cuts&#8221; to interest rates, saying that President Trump&#8217;s tariffs have had little impact on inflation so far, CNBC <a href="https://www.cnbc.com/2025/08/01/fed-governors-bowman-waller-explain-their-dissents-say-waiting-to-cut-rates-threatens-economy.html">reported</a>. Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, as Trump has blasted Powell and pushed the board to cut rates drastically. The Fed&#8217;s decision marked the first time since 1993 that multiple governors dissented. Waller and Bowman are the only governors currently on the board whom Trump appointed.
“There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy,” wrote Waller. “But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve.”
Bowman, who serves as the Fed&#8217;s vice chair for bank supervision, added, “With tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings. I see the risk that a delay in taking action could result in a deterioration in the labor market and a further slowing in economic growth.”
Waller said he supports cutting interest rates by as much as 1.5 percentage points, which would be much smaller than Trump&#8217;s push for a three percentage point cut. Waller and Bowman&#8217;s alignment with Trump&#8217;s policy preferences while dissenting from Powell has sparked speculation that they are positioning themselves for consideration for Fed Chair.
In a press conference on Wednesday, Powell acknowledged that inflation “has eased significantly from its highs in mid-2022,” but he added that it “remains somewhat elevated relative to our 2% longer-run goal.” The Fed Chair also pointed to continued unease over Trump&#8217;s tariffs, which he said “are pushing up prices in some categories of goods.”
In the two days following the Fed&#8217;s decision, Trump has taken to Truth Social to <a href="https://www.dailywire.com/news/trump-unloads-on-fed-chair-jerome-powell-too-angry-too-stupid-too-political">blast</a> Powell multiple times. His most recent criticism of the Fed Chair came on Friday morning in two separate social media posts.
&#8220;Jerome &#8216;Too Late&#8217; Powell, a stubborn MORON, must substantially lower interest rates, NOW,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114953049546233760">wrote</a>. &#8216;IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!&#8221;
In a follow-up post, the president <a href="https://truthsocial.com/@realDonaldTrump/posts/114953595203270237">added</a>, &#8220;Too Little, Too Late. Jerome &#8216;Too Late&#8217; Powell is a disaster. DROP THE RATE! The good news is that Tariffs are bringing Billions of Dollars into the USA!&#8221;
Trump also commented on Waller&#8217;s and Bowman&#8217;s dissents, <a href="https://truthsocial.com/@realDonaldTrump/posts/114953428953267494">saying</a> that pushback &#8220;WILL ONLY GET STRONGER!&#8221;

Fed Chair Jerome Powell

Fed’s Delay On Rate Cuts Threatens U.S. Economy, Say Two Dissenting Governors Eyeing Top Job

Donald Trump

Economy

Federal Reserve

Interest Rates

Jerome Powell

President Donald Trump blasted Fed Chair Jerome Powell again on Thursday morning after the Federal Reserve Board of Governors <a href="https://www.dailywire.com/news/federal-reserve-defies-trump-again-keeps-interest-rates-unchanged?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Federal+Reserve+Defies+Trump+Again%2C+Keeps+Interest+Rates+Unchanged">voted</a> to keep interest rates steady for a fifth straight meeting.
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114947541528857255">wrote</a> in a Truth Social post that Powell, whom he has nicknamed &#8220;Too Late,&#8221; is &#8220;TOO ANGRY, TOO STUPID, &amp; TOO POLITICAL, to have the job of Fed Chair.&#8221;
&#8220;He is costing our Country TRILLIONS OF DOLLARS, in addition to one of the most incompetent, or corrupt, renovations of a building(s) in the history of construction!&#8221; he added. &#8220;Put another way, &#8216;Too Late&#8217; is a TOTAL LOSER, and our Country is paying the price!&#8221;
The Federal Reserve policymakers voted 9-2 on Wednesday to keep interest rates in the 4.25% to 4.50% range, even as Trump continues to push them to cut the rates, citing lower levels of inflation. During a press conference, Powell pointed to unease over Trump&#8217;s tariffs, many of which are set to take effect on Friday, along with inflation remaining above the Fed&#8217;s target annualized rate of 2% as reasons for the Fed&#8217;s decision.
Powell said that Trump’s increased tariffs “are pushing up prices in some categories of goods.” He added that policymakers “have made no decision” about where they will land at the next Fed meeting in September. Two Republican-appointed Fed Governors, Christopher Waller and Michelle Bowman, <a href="https://www.usatoday.com/story/money/2025/07/30/federal-reserve-interest-rate-cuts-live-updates/85430906007/">dissented</a> and pushed for the Fed to cut interest rates, marking the first time since 1993 that multiple governors opposed a Fed decision. Both Waller and Bowman are being floated as potential candidates for Trump to tap as a replacement for Powell as Fed Chair when Powell&#8217;s term ends in May 2026.
While the president continues his attacks on Powell, he <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he is not planning on firing the Fed Chair, despite drafting a letter and getting approval from some House Republicans to take the unprecedented move.
“Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,” Trump said. “We want to see lower interest rates. Our country deserves it. We’re making a lot of money. We’re doing great as a country. We have no inflation, record stock market, record business, record everything.”
Trump said on Wednesday, just moments before the Fed announcement was released, that he wasn&#8217;t expecting the policymakers to lower interest rates.
“I hear they’re going to do it in September, not today,&#8221; he added. &#8220;For what reason, nobody knows.&#8221;

Donald Trump/Jerome Powell

Trump Unloads On Fed Chair Jerome Powell: ‘Too Angry, Too Stupid, & Too Political’

Executive

Politics

The Federal Reserve announced Wednesday it will keep interest rates unchanged, defying President Donald Trump’s calls to cut them after continued positive economic indicators.
After two days of meetings, the central bank policymakers <a href="https://www.cnbc.com/2025/07/30/fed-meeting-live-updates.html">voted</a> to keep the rate in the 4.25% to 4.50% range, where it has remained since December. Federal Reserve Chair Jerome Powell continues to point to unease around Trump’s tariffs, with more set to take effect on Friday. Last month, year-over-year inflation also rose to 2.7%, which remains above the Fed’s target of 2%.
“Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year,” the Fed said in a post-meeting statement. “The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.&#8221;
At a <a href="https://www.youtube.com/watch?v=u0V3gnOjOi0">press conference</a> Wednesday afternoon following the announcement, Powell acknowledged that inflation &#8220;has eased significantly from its highs in mid-2022,&#8221; but he added that it &#8220;remains somewhat elevated relative to our 2% longer-run goal.&#8221;
Powell said that Trump&#8217;s increased tariffs &#8220;are pushing up prices in some categories of goods.&#8221; He added that policymakers &#8220;have made no decision&#8221; about where they will land at the next Fed meeting in September.
&#8220;We don’t do that in advance,&#8221; he said. &#8220;We’ll be taking that information into consideration and all the other information we get as we make our decision.&#8221;
The announcement is likely to set off another round of angry comments from President Trump, who has ramped up his criticism of Powell in recent weeks, regularly pushing the Fed to bring down interest rates. In a Truth Social post on Wednesday morning, Trump highlighted the “better-than-expected” second-quarter <a href="https://www.dailywire.com/news/americas-economy-keeps-roaring-3-gdp-growth-shatters-expectations">GDP report</a>, which showed that the U.S. economy grew at a 3% rate, once again surprising economists. He referred to Powell as &#8220;Too Late.&#8221;
“2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! ‘Too Late’ MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114942222209732295">wrote</a>, using the nickname, “Too Late,” that he coined for Powell.
Trump also discussed interest rates during a press conference at the White House just moments before the Fed released its decision. The president said that the Fed &#8220;probably&#8221; wouldn&#8217;t lower the interest rates on Wednesday, adding, &#8220;I hear they&#8217;re going to do it in September, not today. For what reason, nobody knows.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> on interest rates: &quot;What you do is you lower them&#8230; Right now, there&#39;s no inflation&#8230; we&#39;re keeping the rates high and it&#39;s hurting people from buying houses — so we don&#39;t want that.&quot; <a href="https://t.co/zHTgtdyu14">pic.twitter.com/zHTgtdyu14</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1950616453289230363?ref_src=twsrc%5Etfw">July 30, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Two Fed Governors, Christopher Waller and Vice Chair for Supervision Michelle Bowman, voted against the Fed&#8217;s decision to keep interest rates the same, marking the first time since 1993 that multiple governors voted no on a rate decision, according to <a href="https://www.cnbc.com/2025/07/30/fed-leaves-interest-rates-unchanged-as-expected.html">CNBC</a>.
The president met with Powell last week to discuss interest rates and tour the renovations at the Federal Reserve headquarters. During their comments in front of the cameras, Trump told reporters that he would “love” for Powell “to lower interest rates” before giving the Fed Chair a slap on the back.
<blockquote class="twitter-tweet" data-media-max-width="560">
Trump, with Powell beside him: I&#8217;d love him to lower interest rates.
Trump then slaps him on the back. <a href="https://t.co/KPgAhPYe1F">pic.twitter.com/KPgAhPYe1F</a>
— unusual_whales (@unusual_whales) <a href="https://twitter.com/unusual_whales/status/1948478543283077310?ref_src=twsrc%5Etfw">July 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Trump, who has <a href="https://news.bloomberglaw.com/business-and-practice/trump-versus-powell-how-far-can-he-push-the-fed-chair">referred</a> to Powell as one of the “most destructive” people in government, <a href="https://www.dailywire.com/news/trump-believes-fed-chair-will-start-recommending-lower-rates?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Believes+Fed+Chair+Will+%E2%80%98Start+Recommending+Lower+Rates%E2%80%99">said</a> last Friday that his discussion with Powell led him to believe that the Fed was ready to lower interest rates.
“[Powell] said to me — now I don’t know if he’s going to say this … on what day he speaks — he said to me very strongly, ‘The country is doing well.’ Trump said, ‘Congratulations, the country is doing really well.’”
The president has <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">considered</a> firing Powell, reportedly drafting a letter and asking House Republicans if he should move forward with terminating the Fed Chair, which would be an unprecedented move. Trump later said that he would wait for Powell’s term as the Chair to expire in early 2026 before choosing his replacement.

Federal Reserve Defies Trump Again, Keeps Interest Rates Unchanged

Some people are panicking over supposed polls showing President Trump&#8217;s decreased popularity.
Let&#8217;s get real for just one second.
The actual statistics on President Trump&#8217;s popularity are about where they have always been. According to <a href="https://www.wsj.com/politics/policy/trump-approval-rating-poll-july-2025-745b0f5f?gaa_at=eafs&amp;gaa_n=ASWzDAi7o-T3QohHurCs8gB7kYhonkehk3eAwLpJ0djywO3zXVNFdEtRQ3msqU38xm4%3D&amp;gaa_ts=6883def5&amp;gaa_sig=9CU2GWrCdhEPcIZoYbt_JZ1EO4f0ZLQ5w8XKrmUIKxpS46ZZU3Wycx1Y3mQxSrk-Vd5IqwCAzXLHfEqGwbfxeQ%3D%3D">The Wall Street Journal</a>:
<blockquote>Buoyed by voters’ improving views of the economy, President Trump’s political standing is showing notable resilience, a new Wall Street Journal poll finds, despite the unpopularity of the GOP’s big tax-and-spending law, dissatisfaction with Trump’s tariff plan and high suspicion that the government is hiding important information about its investigation into Jeffrey Epstein. &#8230; Some 46% approve of his job performance—unchanged from April—with 52% disapproving.</blockquote>
Eighty-eight percent of GOP voters approve of his job performance, and 66% strongly approve.
This means that President Trump’s support is durable, and that’s because life in the United States is as good or better than it was back in February or March. That’s the real reason we have not seen the sort of economic collapse many people were predicting, largely because Trump backed off of many of the tariff rates he was pushing on Liberation Day.
Instead, we’re seeing trade deals brokered by Treasury Secretary Scott Bessent. As I have said before, President Trump is not “chickening out” by backing off the tariffs. He is responding to reality.
Life in the United States is safer because President Trump took concerted and brave action in bombing the Iranian nuclear facilities, despite actual panic in the Republican Party, suggesting that such an action would lead to World War III. Not only did that not happen, it put Iran on its back foot in a serious way, and may completely reshape the Middle East.
A lot of people freaked out about the one “Big, Beautiful Bill.” But the reality — for those of us who actually have been following politics longer than five minutes — is that all of the concern over deficit spending in the one big, beautiful bill must have been ignoring the fact that the deficit in the United States has been blowing up for decades, and that the one big, beautiful bill did not change that trajectory in any way except a little bit downward.
That’s because in order for that bill to radically increase the debt and the deficit, you would have to assume the Obama tax rates from 2015 would snap back into place, which was not going to happen. Republicans were not going to let that happen.
Why is all of this important? Because the American people and the markets have gotten used to separating the wheat from the chaff when it comes to President Trump&#8217;s policies — which is the best way of looking at a president, not just the stuff that he says, particularly President Trump, but the stuff that he actually does.
<h3><a href="https://www.dailywire.com/episode/ep-2246-showdown-trump-vs-powell?elementPosition=0&amp;row=0&amp;rowHeadline=The+Ben+Shapiro+Show&amp;rowType=Horizontal+Show+Episodes+Carousel">WATCH: The Ben Shapiro Show</a></h3>
On Thursday, there was an outsized focus on a tete-a-tete between President Trump and Jerome Powell, Chairman of the Federal Reserve. The president took his criticisms directly to Powell at the Federal Reserve. It made for good TV. He went to tour the construction happening at the Federal Reserve building — a $2.5 billion renovation of two historic buildings designated as part of the Federal Reserve headquarters.
Trump suggested Powell is overspending on the rebuilding of the Federal Reserve.
Trump said that costs have gone up. Powell openly disagreed.
In a normal era, people might panic over this because the president of the United States was chiding the Federal Reserve chair, in front of everyone, about these alleged construction overruns.
Trump was asked, “What would you do if you&#8217;re leading a construction project and somebody went into cost overruns?” 

Trump said, “I&#8217;d fire him.”
Anyone who thinks that Trump was making a serious threat is incorrect. That’s why the stock market did not react with panic.
The reason he&#8217;s not going to fire Powell is because the markets would freak out. And President Trump does not want the markets to freak out.
There are people on the Left that I know who were quite freaked out about President Trump being elected: “Oh, my God, it’s going to be the end of the world. He&#8217;s so crazy.”
I always say to them that there&#8217;s a beauty to the American constitutional system, and that system will blunt most of the stuff that isn’t good; if he or anyone else ever tried to subvert the Constitution, the judiciary would stop them.
The judiciary has done that. They&#8217;ve told President Trump many times not to do something, and then he has abided by the judicial rulings. In many cases, he&#8217;s been right, and the Supreme Court has ruled in his favor after a lower court did the wrong thing.
But there&#8217;s something else about President Trump that is unique: when he runs up against the guardrails of reality, he steps back from the brink.
And so when it comes to Jerome Powell — and again, there&#8217;s a lot of outsized panic in the commentary about Trump and Powell — he&#8217;s not going to touch Powell. And that’s because if he were to do so, the markets would react badly. And Trump does not want the markets to react badly.
So that&#8217;s what reduces the incident to the level of vaudevillian slapstick comedy.
The important thing again about President Trump is that he pursues heterodox policies. He&#8217;s breaking a lot of the stalemate that has characterized Washington, D.C., and a lot of the traditionalist thinking that has characterized Washington, D.C., on everything from economics to executive policy to the Middle East.
President Trump likes to break things, and many of those things deserve to be broken.
But President Trump also understands that if he is about to irrevocably break anything that is going to hurt him politically, he just won’t do it.

U.S. President Donald Trump Visits Scotland For Golfing Getaway

Trump’s Enduring Support And Strategic Restraint

Ben Shapiro

Iran Airstrike

Opinion

Polls

President Trump

Tariffs

President Donald Trump said on Friday that his meeting with Federal Reserve Chair Jerome on Thursday was &#8220;very good,&#8221; adding that he believes Powell is ready to finally lower interest rates.
Trump met with Powell to tour the construction of the Federal Reserve headquarters in Washington, D.C., and to discuss the Fed&#8217;s position on interest rates, an issue over which Trump has routinely blasted Powell. The Fed is set to meet again next week to discuss interest rates, but Powell <a href="https://www.dailywire.com/news/jerome-powell-suggests-delaying-rate-cuts-beyond-july-meeting-while-fed-studies-tariff-impact?author=Reuters&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Jerome+Powell+Suggests+Delaying+Rate+Cuts+Beyond+July+Meeting+While+Fed+Studies+Tariff+Impact">told</a> Congress last month that he was not considering a rate cut at the Fed’s July meeting, citing uncertainty surrounding Trump&#8217;s tariffs.
&#8220;I think we had a very good meeting on interest rates,&#8221; Trump told reporters outside the White House before departing on his trip to Scotland. &#8220;[Powell] said to me — now I don&#8217;t know if he&#8217;s going to say this &#8230; on what day he speaks — he said to me very strongly, &#8216;The country is doing well.&#8217; He said, &#8216;Congratulations, the country is doing really well.'&#8221;
&#8220;And I got that to mean that I think he&#8217;s going to start recommending lowering rates,&#8221; the president added.
<blockquote class="twitter-tweet" data-media-max-width="560">
🚨 BREAKING: President Trump might have just convinced Fed Chair Jerome Powell to *LOWER* interest rates.
LMAO! The meeting for rates is next week&#8230;
&#8220;We had a very good meeting on interest rates. He said to me&#8230;&#8217;the country is doing well.&#8217; He said, &#8216;congratulations.&#8217; I got… <a href="https://t.co/JnvPMY7D55">pic.twitter.com/JnvPMY7D55</a>
— Eric Daugherty (@EricLDaugh) <a href="https://twitter.com/EricLDaugh/status/1948743563816092057?ref_src=twsrc%5Etfw">July 25, 2025</a></blockquote>
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Trump has reportedly considered firing Powell, which would be an unprecedented move, but the president <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">said</a> last week that he would wait for Powell&#8217;s term as the Chair to expire in early 2026 before choosing his replacement. Trump has called the Fed Chair one of the “<a href="https://news.bloomberglaw.com/business-and-practice/trump-versus-powell-how-far-can-he-push-the-fed-chair" target="_blank" rel="noopener">most destructive</a>” people in government, and took to Truth Social after his meeting with Powell on Thursday to again <a href="https://truthsocial.com/@realDonaldTrump/posts/114910307760776254">urge</a> him to lower interest rates.
During his walkthrough of the Federal Reserve construction with Powell, Trump challenged him on the total cost of the renovations. With Powell by his side, Trump told the cameras that the renovations for the building had increased to $3.1 billion, resulting in Powell looking confused and shaking his head, The Daily Wire previously <a href="https://www.dailywire.com/news/awkward-trump-prods-jerome-powell-about-renovation-controversy-during-fed-visit?author=Daniel+Chaitin&amp;category=undefined&amp;elementPosition=18&amp;row=3&amp;rowHeadline=Latest+News&amp;rowType=Vertical+Carousel&amp;title=AWKWARD%21+Trump+Prods+Jerome+Powell+About+Renovation+Controversy+During+Fed+Visit">reported</a>. Trump handed Powell a copy of a document showing the construction costs.
“You just added in a third building,&#8221; Powell said after reading over the document.
“It’s part of the overall work,” Trump replied, and Powell shot back, “It’s not new.”
Mark Paoletta, General Counsel of the Office of Management and Budget, <a href="https://www.dailywire.com/news/trump-is-100-correct-potus-vindicated-in-fed-renovation-clash-with-powell?topStoryPosition=undefined&amp;author=Hank+Berrien&amp;category=News&amp;elementPosition=4&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=%E2%80%98Trump+Is+100%25+Correct%E2%80%99%3A+POTUS+Vindicated+In+Fed+Renovation+Clash+With+Powell">said</a> on Friday morning that &#8220;President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday,&#8221; showing a breakdown of the cost.
<blockquote class="twitter-tweet">
President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday.
FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles &amp; 1951 Building portion of the FRB HQ project and a total budget for… <a href="https://t.co/54IzoACGhl">https://t.co/54IzoACGhl</a> <a href="https://t.co/yRZ8iGWBAV">pic.twitter.com/yRZ8iGWBAV</a>
— Mark Paoletta (@MarkPaoletta) <a href="https://twitter.com/MarkPaoletta/status/1948716077115920745?ref_src=twsrc%5Etfw">July 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Trump Believes Fed Chair Will ‘Start Recommending Lower Rates’

Trump Administration

President Donald Trump and Fed Chair Jerome Powell publicly disagreed on Thursday about the cost of renovations to the Federal Reserve&#8217;s headquarters — and Trump, not Powell, was correct.
As he visited the building with Powell, Trump claimed the costs had soared to $3.1 billion, saying, “So we&#8217;re taking a look, and it looks like it&#8217;s about 3.1 billion. Went up a little bit — or a lot.”
Powell, shaking his head in disagreement, protested, “I haven&#8217;t heard that from anybody at the Fed.”
“The Fed chair then took the document, looked at it and said the additional costs the president was citing had been for a separate building whose construction was completed five years ago,” NPR <a href="https://www.npr.org/2025/07/24/nx-s1-5478922/trump-federal-reserve-renovation-jerome-powell">reported</a>.
But on Friday morning, Mark Paoletta, General Counsel of the Office of Management and Budget, fired off a post on X explaining that Trump was indeed correct about his assessment, writing:
<blockquote>
President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday. FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles &amp; 1951 Building portion of the FRB HQ project and a total budget for all three buildings comprising the FRB HQ (including the Martin building) of $1.8 Billion.
FRB 2025 Budget (below) shows costs for Eccles and 1951 are now $2.5 billion – a more than $1 Billion cost overrun for the current project (all incurred after Trump 45) and bringing the total cost of the Fed’s HQ renovation for all three buildings to $3.1 billion. President Trump visited the FRB to try to encourage Jerome Powell to finish this job without any more cost overruns and to get it done quickly. Thank you for your attention to this matter!
</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
President Trump is 100% correct in the numbers he used on his tour of Federal Reserve (FRB) site yesterday.
FRB documents show FRB 2022 Budget (below) adopted in November 2021 was $1.4 Billion for the Eccles &amp; 1951 Building portion of the FRB HQ project and a total budget for… <a href="https://t.co/54IzoACGhl">https://t.co/54IzoACGhl</a> <a href="https://t.co/yRZ8iGWBAV">pic.twitter.com/yRZ8iGWBAV</a>
&mdash; Mark Paoletta (@MarkPaoletta) <a href="https://twitter.com/MarkPaoletta/status/1948716077115920745?ref_src=twsrc%5Etfw">July 25, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
On July 10, Russell Vought, Director of the United States Office of Management and Budget, wrote a letter to Powell in which he stated, “The President is extremely troubled by your management of the Federal Reserve System. Instead of attempting to right the Fed&#8217;s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington, D.C. headquarters.
“In your June 25, 2025 testimony before the Senate Banking Committee, you stated that &#8216;there&#8217;s no VIP dining room. There&#8217;s no new marble. &#8230; There are no special elevators. &#8230; There are no new water features. There&#8217;s no beehives and there&#8217;s no roof terrace gardens,’” Vought continued.  “You also stated that many of the ‘inflammatory things that the media carried are &#8230; not in the current plan’ and that some things in the 2021 plan ‘are no longer in the plans.’ You also stated that ‘the Eccles building really needed a serious renovation, had never had one,’ notwithstanding that the Eccles building underwent a comprehensive renovation between 1999-2003 that included a replacement of the roof and building systems. Your testimony raises serious questions about the project&#8217;s compliance with the National Capital Planning Act, which requires that projects like the Fed headquarters renovation be approved by the National Capital Planning Commission. Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Jerome Powell, AKA &quot;TOO LATE,&quot; is spending billions renovating the Fed&#39;s HQ. 
In his recent testimony, he slipped up and revealed he might also be violating the law.
The Trump Administration is demanding answers, and we&#39;re going to hold him accountable. 🧵 <a href="https://t.co/cDsMKGrVM8">pic.twitter.com/cDsMKGrVM8</a>
&mdash; Office of Management and Budget (@WHOMB) <a href="https://twitter.com/WHOMB/status/1943380800390463840?ref_src=twsrc%5Etfw">July 10, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&nbsp;
Powell, whose term ends in May 2026, has refused to push for lowering interest rates, angering Trump, who in mid-July said he had not ruled out firing Powell. Powell cannot unilaterally lower interest rates; he leads the Federal Reserve Board, and the Board makes that decision jointly. Last November, Powell declared he would not step down if Trump asked him to; in August 2024, Trump had <a href="https://www.cbsnews.com/news/fed-chair-jerome-powell-wont-resign-if-asked-by-trump/">said</a> on the campaign trail, “I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman.”

President Trump Visits Federal Reserve

‘Trump Is 100% Correct’: POTUS Vindicated In Fed Renovation Clash With Powell

Striking a somewhat cordial tone, President Donald Trump took to Truth Social on Thursday evening, after <a href="https://www.dailywire.com/news/awkward-trump-prods-jerome-powell-about-renovation-controversy-during-fed-visit?topStoryPosition=undefined&amp;author=Daniel+Chaitin&amp;category=News&amp;elementPosition=0&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=AWKWARD%21+Trump+Prods+Jerome+Powell+About+Renovation+Controversy+During+Fed+Visit">an awkward meeting</a> with Fed Chairman Jerome Powell, whom Trump has repeatedly said should lower interest rates for Americans.
Trump and Powell toured a controversial renovation project during the visit. The president said online that it would have been better if the renovation, which is costing taxpayers billions of dollars, had never started.
&#8220;It was a Great Honor to tour the Renovation (and some new Construction!) of the Federal Reserve Building with Chairman Jerome Powell, Senator Tim Scott, and others,&#8221; Trump posted. &#8220;It’s got a long way to go, would have been much better if it were never started, but it is what it is and, hopefully, it will be finished ASAP.&#8221;
Trump noted that the &#8220;cost overruns are substantial,&#8221; but said, &#8220;on the positive side, our Country is doing very well and can afford just about anything — Even the cost of this building!&#8221;
&#8220;I’ll be watching and, hopefully, adding some expertise. As everyone knows, I renovated the Old Post Office on Pennsylvania Avenue, and it was a roaring SUCCESS. The total Construction cost was a small fraction of the Fed Building’s cost, and it is many times the size,&#8221; the president said.
Signing off, Trump again said he wants interest rates lowered.
&#8220;With all of that being said, let’s just get it finished and, even more importantly, LOWER INTEREST RATES!&#8221; he posted.
As highlighted by <a href="https://www.dailywire.com/news/awkward-trump-prods-jerome-powell-about-renovation-controversy-during-fed-visit?topStoryPosition=undefined&amp;author=Daniel+Chaitin&amp;category=News&amp;elementPosition=0&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=AWKWARD%21+Trump+Prods+Jerome+Powell+About+Renovation+Controversy+During+Fed+Visit">The Daily Wire</a>, Powell looked uncomfortable during the meeting, when Trump revealed that the renovations tab had increased to $3.1 billion. Powell contented the figure, arguing that the estimate included some older renovations.
Earlier this month, Trump said he asked a group of House Republicans if they thought he should fire Powell. &#8220;I talked to them about the concept of firing him. I said, &#8216;What do you think?&#8217; Almost all of them said I should. But I&#8217;m more conservative than they are,&#8221; Trump said.
“We’re not planning on doing it,” the president added. “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.”
Russ Vought, the Office of Budget and Management director, sent a letter to Powell accusing him of orchestrating an &#8220;ostentatious&#8221; years-long office renovation project that may be &#8220;violating the law.&#8221;
Reacting to the letter, Trump said last week that Powell &#8220;spent far more money than he was supposed to rebuilding.&#8221;
&#8220;I think he&#8217;s, you know, he&#8217;s got some problems,&#8221; Trump added.
Related: <a href="https://www.dailywire.com/news/awkward-trump-prods-jerome-powell-about-renovation-controversy-during-fed-visit?topStoryPosition=undefined&amp;author=Daniel+Chaitin&amp;category=News&amp;elementPosition=0&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=AWKWARD%21+Trump+Prods+Jerome+Powell+About+Renovation+Controversy+During+Fed+Visit">AWKWARD! Trump Prods Jerome Powell About Renovation Controversy During Fed Visit</a>

‘Lower Interest Rates!’: Trump Takes To Social Media After Meeting With Fed Chair

‘Lower Interest Rates!’: Trump Takes To Social Media After Meeting With Jerome Powell

President Donald Trump confronted Fed Chairman Jerome Powell about cost overruns for a controversial renovation project during a visit to the Federal Reserve on Thursday.
With both men wearing hard hats, Powell looked uncomfortable as Trump said in front of a camera that it was just revealed that the renovations tab had increased to $3.1 billion.
<blockquote class="twitter-tweet" data-media-max-width="560">
Q: Are there things the chairman can say to you today that would make you back off some of the earlier criticism?
POTUS: Well, I&#8217;d love him to lower interest rates. Other than that, what can I tell you? <a href="https://t.co/9NlrRizfbj">pic.twitter.com/9NlrRizfbj</a>
— CSPAN (@cspan) <a href="https://twitter.com/cspan/status/1948480972556542216?ref_src=twsrc%5Etfw">July 24, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
&#8220;It went up a little bit — or a lot,&#8221; Trump said, after which Powell grimaced and shook his head.
Powell said he was not aware of the figure, after which Trump took out a paper that ostensibly showed where the president was getting the number. The Fed chair took out a pair of glasses.
Senate Banking Chairman Tim Scott (R-SC), who joined Trump during the visit, said that his notes also had the amount of $3.1 billion or $3.2 billion. Powell then asked if the notes came from &#8220;us,&#8221; to which Trump replied in the affirmative.
Powell, after having given the document a look, said, &#8220;You just added in a third building.&#8221; He added that it had been constructed five years ago.
&#8220;It&#8217;s part of the overall work,&#8221; Trump declared, waving his hands. Powell cut in to assert, &#8220;It&#8217;s not new.&#8221;
After a brief pause, Trump began speaking about taking a look at the project. He then asked Powell if he expects &#8220;additional cost overruns&#8221; in the renovations.
&#8220;Don&#8217;t expect them,&#8221; Powell said. &#8220;We&#8217;re ready for them. But we have a little bit of a reserve that we may use, but, no, we don&#8217;t. We expect to be finished in 2027. Um, we&#8217;re well along as you can see.&#8221;
Trump removed his helmet and seemed to ease the tension a little, quipping, &#8220;Nice to take these off every once in a while.&#8221; As the president continued, Powell stuck out his tongue in a silly fashion and took off his helmet as well.
Although Trump nominated Powell to lead the U.S. central bank during his first term in 2017, he has heavily criticized the Fed chair in recent months for not lowering interest rates.
Powell <a href="https://www.foxbusiness.com/economy/fed-chair-powell-confirms-tariff-concerns-prevented-interest-rate-cuts-so-far-year" target="_blank" rel="noopener">said</a> in early July that the Fed would already be easing monetary policy if not for tariffs and the concerns they bring about inflation. However, that intransigence may change with the next meeting of the central bank&#8217;s interest rate committee next week.
During his visit on Thursday, a reporter asked Trump, &#8220;Are there things the chairman can say to you today that would make you back off some of the earlier criticism?&#8221;
Trump replied, &#8220;Well, I&#8217;d love him to lower interest rates. Other than that, what can I tell you?&#8221; He did so while giving a friendly slap on the back, and Powell flashed a little smile and chuckled.
A couple of weeks ago, The New York Times <a href="https://www.nytimes.com/2025/07/16/us/politics/trump-powell-firing-letter.html" target="_blank" rel="noopener">reported</a> Trump drafted a letter to fire Powell — something he is only permitted to do &#8220;for cause&#8221; on issues not related to policy disagreements. But the president has indicated he is not ready to take such drastic action.
Trump&#8217;s administration and its allies have raised concerns about the renovations project, which saw its costs balloon from $1.9 billion. Powell, whose term as chair is slated to end in May 2026, has <a href="https://www.reuters.com/world/us/feds-powell-asks-inspector-general-review-project-criticized-by-trump-officials-2025-07-14/" target="_blank" rel="noopener">asked</a> the Fed&#8217;s inspector general to review the effort.

President Trump and Fed Chair Powell

AWKWARD! Trump Prods Jerome Powell About Renovation Controversy During Fed Visit

U.S.

President Donald Trump is set to visit the Federal Reserve on Thursday, a trip that follows his repeated criticism of Fed Chairman Jerome Powell over interest rates.
A public schedule from the White House shows Trump will travel to the Fed&#8217;s headquarters in Washington, D.C., at 4 p.m. ET, when other administration officials were <a href="https://www.semafor.com/article/07/22/2025/at-least-three-trump-advisers-set-to-visit-fed-on-thursday" target="_blank" rel="noopener">slated</a> to tour the facility to scrutinize a renovation project that has become a source of controversy.
Trump nominated Powell to lead the U.S. central bank during his first term in 2017, but he has heavily criticized the Fed chair in recent months for not lowering interest rates.
&#8220;Housing in our Country is lagging because Jerome &#8216;Too Late&#8217; Powell refuses to lower Interest Rates. Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of &#8216;Too Late,'&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114902704048179740" target="_blank" rel="noopener">said</a> in a post to Truth Social on Wednesday.
&#8220;Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a Country),&#8221; he added. &#8220;This stubborn guy at the Fed just doesn’t get it — Never did, and never will. The Board should act, but they don’t have the Courage to do so!&#8221;
Powell <a href="https://www.foxbusiness.com/economy/fed-chair-powell-confirms-tariff-concerns-prevented-interest-rate-cuts-so-far-year" target="_blank" rel="noopener">said</a> in early July that the Fed would already be easing monetary policy if not for tariffs and the concerns they bring about inflation. However, that intransigence may change with the next meeting of the central bank&#8217;s interest rate committee next week.
While Trump chided Powell and called for his resignation, the president&#8217;s allies raised concerns about the Fed renovations, which saw their costs balloon to $2.5 billion from $1.9 billion. It even became the subject of a <a href="https://luna.house.gov/posts/rep-anna-paulina-luna-refers-federal-reserve-chair-jerome-powell-for-criminal-investigation-over-false-testimony" target="_blank" rel="noopener">criminal referral</a> accusing the chair of lying to Congress about the project.
A couple of weeks ago, The New York Times <a href="https://www.nytimes.com/2025/07/16/us/politics/trump-powell-firing-letter.html" target="_blank" rel="noopener">reported</a> that Trump drafted a letter to fire Powell — something he is only permitted to do &#8220;for cause&#8221; on issues not related to policy disagreements. But the president quickly tamped down expeditions that he would take such drastic action.
&#8220;Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,&#8221; Trump <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it" target="_blank" rel="noopener">said</a>, appearing to refer to the end of Powell’s term as Fed chair in May 2026. &#8220;We want to see lower interest rates. Our country deserves it.&#8221;

President Donald Trump

Trump To Visit Fed Reserve, Pressures Powell Again To Lower Interest Rates

Let’s stop pretending Jerome Powell is some impartial steward of the economy just trying to do his job.
He isn’t. He’s playing politics with the futures of millions of Americans, and my generation is bearing the brunt of it.
While the Federal Reserve prepares to spend <a href="https://www.foxbusiness.com/economy/feds-2-5b-renovation-irking-president-trump-team" target="_blank" rel="noopener">over $2.5 billion</a> renovating its palatial headquarters, decking it out in imported marble and modernist opulence, young Americans are out here just trying to afford a starter home. We’re not asking for much: a patch of land, a front door, and the dignity of ownership. But, thanks to Jerome Powell’s refusal to cut interest rates, even that modest dream feels like a fantasy.
Powell’s negligence isn’t just bad policy. It’s generational theft.
At a time when inflation has cooled, job growth remains stable, and global conditions call for relief, the Fed continues to hold interest rates at suffocating, near 20-year highs.
Why? Because Powell knows what lowering rates would do: it would boost the economy. It would bring relief to working families. And yes, it would help President Donald Trump. And that, apparently, is something Jerome Powell just can’t stomach.
So, instead of doing the right thing, he’s doing the political thing. And he’s disguising it as so-called prudence.
I’m not buying it.
High interest rates aren’t some abstract policy lever. They’re a wrecking ball, smashing through the budgets of everyday Americans. When interest rates are this high, mortgages become unaffordable. Monthly payments skyrocket. The average 30-year mortgage rate now sits around 7%, up from 2.65% just a few years ago. That translates to hundreds of dollars more per month, if not thousands, for the same home. And that’s assuming you can even get approved for one.
So, what happens? People stay renting. Families delay buying. Couples postpone starting a family. Dreams are deferred, futures are frozen, and lives are lived on pause.
That isn’t economic stewardship. It’s economic strangulation.
And it’s disproportionately hitting young people. Millennials and Gen Z aren’t out here begging for handouts; we’re begging for a fair shot.  But we’ve been priced out of the housing market, saddled with student debt due to degrees that increase in cost but decrease in value, and now, thanks to Powell, we&#8217;re locked out of building real wealth through homeownership —the very cornerstone of the American middle class.
This isn’t just about housing. It’s about hope.
It’s about whether a generation of Americans will believe that if you work hard, play by the rules, and save your money, you can build a life. Because right now, under Jerome Powell’s leadership, that promise is eroding.
And let’s be honest: this didn’t happen by accident. Powell knows exactly what he’s doing. He’s using the Federal Reserve as a weapon to kneecap an economy that would otherwise be roaring back, all because he fears what that might mean politically.
It’s shameful. It’s disgraceful. And it’s a violation of the trust that comes with his office.
President Trump, along with Federal Housing Finance Agency Director Bill Pulte, is absolutely right to demand Powell’s resignation. And every American who cares about fairness, growth, and the future should echo that call. Because this is no longer simply about monetary policy. It’s about simple right and wrong.
Jerome Powell is not some neutral expert stuck in a tough position. He is an unelected bureaucrat standing between an entire generation and the American Dream. He is choosing stagnation over opportunity. Pain over prosperity. Politics over people.
And he needs to go.
We deserve better. We deserve a future. And we’re not going to sit quietly while that future gets stolen by one man’s disgraceful obsession with political sabotage disguised as economic strategy.
Enough is enough.
CJ Pearson, is National Co-Chair of the Republican National Committee Youth Advisory Council.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Fed Chair Jerome Powell Testifies During Senate Hearing On Capitol Hill

Jerome Powell Is Killing Gen Z’s Shot At The American Dream 

Gen Z

Mortgages

Sales of previously owned homes dropped more than expected in June, <a href="https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-7-decrease-in-june">according</a> to the National Association of Realtors (NAR).
Home sales fell 2.7% from May, lower than the 0.7% drop predicted by analysts, CNBC News reported. Sales fell to a seasonally adjusted rate of 3.93 million. There was no year-over-year change in home sales.
&#8220;High mortgage rates are causing home sales to remain stuck at cyclical lows,&#8221; NAR Chief Economist Lawrence Yun said in a statement. &#8220;If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time homeowners and elevated sales activity from existing homeowners.&#8221;
The drop in home sales comes as President Donald Trump continues pushing Federal Reserve Chair Jerome Powell to lower interest rates.
&#8220;Housing in our Country is lagging because Jerome &#8216;Too Late&#8217; Powell refused to lower Interest Rates,&#8221; Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114902704048179740">posted</a> on Truth Social. &#8220;Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of &#8216;Too Late.&#8217; Our Rate should be three points lower than they are, saving us $1 Trillion per year (as a country). This stubborn guy at the Fed just doesn&#8217;t get it — Never did, and never will. The Board should act, but they don&#8217;t have the Courage to do so!&#8221;
Meanwhile, median existing-home prices reached a record high of $435,300, &#8220;the 24th consecutive month of year-over-year price increases,&#8221; according to Yun.
&#8220;Multiple years of undersupply are driving the record high home price,&#8221; Yun continued. &#8220;Home construction continues to lag population growth. This is holding back first-time home buyers from entering the market. More supply is needed to increase the share of first-time homebuyers in the coming years even though some markets appear to have a temporary oversupply at the moment.&#8221;
The average 30-year fixed-rate mortgage is 6.75% as of July 17, the NAR report said. The rate marks an increase from 6.72% the previous week but a decrease from 6.77% the previous year.
&#8220;Expanding participation in the housing market will increase the mobility of the workforce and drive economic growth,&#8221; Yun said. &#8220;If mortgage rates decrease in the second half of this year, expect home sales to increase across the country due to strong income growth, healthy inventory, and a record-high number of jobs.&#8221;
The Federal Reserve has resisted lowering interest rates, citing concerns that Trump&#8217;s tariff policies will increase inflation. Inflation <a href="https://www.dailywire.com/news/inflation-creeps-up-as-trump-prepares-major-tariff-rollout">rose</a> 2.7% year-over-year in June, slightly more than expected. The Fed is reportedly <a href="https://www.dailywire.com/news/trump-drafted-letter-to-fire-fed-reserve-chair-but-says-were-not-planning-on-doing-it?author=Zach+Jewell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Drafted+Letter+To+Fire+Fed+Reserve+Chair%2C+But+Says+%E2%80%98We%E2%80%99re+Not+Planning+On+Doing+It%E2%80%99">not considering</a> lowering interest rates at its July meeting.

US-ECONOMY-HOUSING-REAL ESTATE

June Home Sales Drop Below Expectations As Trump Calls For Lower Interest Rates

Real estate

Florida GOP Congresswoman Anna Paulina Luna referred Federal Reserve Chair Jerome Powell to the Justice Department on Monday for a criminal investigation over “materially false” claims she said he made to Congress. 
Luna’s criminal referral letter to Attorney General Pam Bondi said that Powell appeared to commit perjury when he testified before the Senate Committee on Banking, Housing, and Urban Affairs last month about renovations to the Federal Reserve’s headquarters. Luna said that Powell made “several materially false claims” about the scope and cost of the construction during his June 25 testimony. 
“I have formally referred Jerome Powell to the DOJ for criminal investigation,” Luna, a staunch ally of Trump, <a href="https://x.com/RepLuna/status/1947341090614612108/photo/2">announced</a> on X. “Chairman Powell knowingly misled both Congress and executive branch officials about the true nature of a taxpayer-funded project. Lying under oath is a serious offense— especially from someone tasked with overseeing our monetary system and public trust.”
Specifically, Luna said that Powell lied when he denied reports about luxurious upgrades being made to the Fed’s headquarters, including roof terrace gardens, new marble, and new elevators. Luna said that these denials contradicted actual project plans submitted to the National Capital Planning Commission. 
&#8220;According to those records, the revised plan includes a VIP private dining room, premium marble finishes, modernized elevators, water features, and a roof terrace garden—features that Powell publicly denied existed. While Powell presented the changes as simplifications, the actual project plans suggest the opposite,&#8221; she wrote. 
Luna also took issue with a letter Powell wrote to Office of Management and Budget Director Russell Vought about the construction and the increase in costs from $1.9 billion to $2.5 billion. Vought has pressed Powell over the renovations, likening it to the construction of France&#8217;s Palace of Versailles.
&#8220;The discrepancies between Chairman Powell&#8217;s sworn testimony and the factual record call for a thorough and impartial review by your office,&#8221; Luna wrote. &#8220;The integrity of oversight and the trust placed in public officials particularly those responsible for monetary policy and stewardship of taxpayer resources demand accountability at the highest levels.&#8221;
In recent weeks, Powell has frequently clashed with Republicans as President Donald Trump has pushed him to cut interest rates. Trump has called for Powell to resign immediately ahead of the expiration of his term as chair in May 2026.

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