JOSH BOAK and CHRIS MEGERIAN.

Federal Reserve Chairman Jerome Powell listens during an open meeting of the Board of Governors at the Federal Reserve on Wednesday, June 25, 2025, in Washington. (AP Photo/Mark Schiefelbein)

White House escalates pressure campaign on Fed chair by targeting its headquarters renovation

President Donald Trump is escalating his pressure campaign to get the Federal Reserve chairman to either lower interest rates or quit his post by targeting the expensive renovation at the central bank’s headquarters. On Thursday, President Donald Trump’s budget adviser Russ Vought accused Fed Chair Jerome Powell of violating building rules with an “ostentatious overhaul.” Trump has also appointed allies to scrutinize the project further. If successful, Trump will have expanded his influence to yet another corner of American government that was once seen as beyond the reach of political pressure. But he also risks jeopardizing the independence that has made the central bank a foundational player in the U.S. economy.

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