After months of President Donald Trump criticizing Federal Reserve Chairman Jerome Powell for his refusal to lower the benchmark borrowing rate, the latest flashpoint to emerge in the White House's campaign against Powell is a yearslong renovation of the Fed's headquarters in Washington.
Trump, who has ramped up political pressure on Powell by questioning his management of the renovation, visited the Fed on Thursday to review the building renovations.
The renovation costs will exceed $2 billion, in part due to asbestos and lead contamination discovered during the initial stages. The renovated buildings will also include blast-proof glass on the windows, according to a Fed official who briefed reporters during a tour Thursday.
The historic buildings are expected to be renovated by 2027, with staff moving back into their offices the following year.
Since the Trump administration first seized on the project's cost overruns in the spring as an avenue to criticize Powell, the Fed has created a public website on the project.
