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Trump officials to visit Fed amid renovation probe

Jul 21, 2025, 5:38am EDT
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Construction at the Fed
Jonathan Ernst/Reuters

The Trump administration wants to visit the Federal Reserve this week to review its $2.5 billion renovation, according to White House deputy chief of staff James Blair.

Senate Banking Chair Tim Scott is in talks to attend as well, a person familiar with the plans said.

President Donald Trump and his allies have identified the project as a potential opportunity to oust Fed Chair Jerome Powell amid the president’s frustration over stagnant interest rates — drawing ire from some GOP lawmakers.

Members of Trump’s inner circle, like Treasury Secretary Scott Bessent, have since sought to deter the president by highlighting the legal obstacles and market reaction he could face.

Powell told the administration that “design plans have changed” from earlier proposals, Blair said. “We just want to know whether or not that’s true.”

The Fed has said the changes are too minor to warrant further review.

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