How Trump could use a building renovation to oust Fed Chair Powell
July 24, 2025
President Donald Trump says he’s found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell, accusing him of mismanaging the U.S. central bank’s $2.5 billion renovation project. It’s unclear if Trump will follow through, but he’s been outspoken about wanting Powell gone. The push comes after a monthslong campaign by Trump to try to rid himself of the politically independent central banker. Powell has resisted the Republican president’s calls to slash interest rates. Meanwhile, Trump has indicated that Powell’s handling of an extensive renovation project on two Fed buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him.