Office of Management and Budget Director Russell Vought has written a biting letter to Fed Chairman Jay Powell and posted the text on X (below). In his post preceding the letter, Vought writes that “[w]hile continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters. Now up to $2.5 billion, roughly $700 million over its initial cost. These renovations include terrace rooftop gardens, water features, VIP elevators, and premium marble. The cost per square foot is $1,923–double the cost for renovating an ordinary historic federal building. The Palace of Versailles would have cost $3 billion in today’s dollars!”
Chairman Jerome Powell has grossly mismanaged the Fed.
While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters.
Now up to $2.5 billion, roughly $700 million over its initial cost.… pic.twitter.com/lHK4cWlAvf
— Russ Vought (@russvought) July 10, 2025
It sounds like a case on which President Trump could lend some needed construction expertise. The Fed’s case reminds me of citizen Trump’s testimony to the Senate Homeland Security Committee at a hearing held on July 21, 2005. The subject of the hearing was the United Nations’ capital master plan to renovate the UN headquarters in New York.
The committee posted a transcript of Trump’s testimony here with an attribution to Radioblogger, the former site maintained by Hugh Hewitt producer Duane Patterson. The C-SPAN page with the video of Trump’s testimony quotes Hugh’s comment that it is “an amazing performance that will capture your rapt attention. Trump was in his element, talking real estate development, New York City commercial space and contractors, labor unions and naivete among lessees. He was funny, precise and in command of an amazing array of facts.”
In the event, the UN renovation vindicated Hugh’s praise of Trump’s testimony: “UN should have said ‘you’re fired’ and hired Trump in 2005.” Presented for your viewing pleasure, this is Trump’s master class on the UN’s capital master plan to renovate UN headquarters. Would that he could spare the time to deal with the Fed.
