July 24, 2025
Fed Board defends Martin Building renovation to House Financial Services
Fed's $2.5B marble renovation sparks Trump-Powell clash over luxury spending
🔐Ethics💰Economy
Federal Reserve Chairman Jerome Powell clashed with President Trump during a July 24, 2025 tour of the Fed's $2.5 billion headquarters renovation.
The project—featuring Italian marble and gold-plated fixtures—has ballooned to 10 times original estimates. Trump publicly challenged Powell over costs during the tour, despite his own appointees approving the luxury upgrades in 2023, creating a spectacle that sent markets tumbling over Fed independence concerns.
Fed renovation cost $2.5 billion, 10 times original estimates
Project features Italian marble and gold-plated fixtures
Trump publicly challenged Powell during July 24, 2025 tour despite appointees approving upgrades
Trump-Powell feud added 0.5% to mortgage rates instantly, costing buyers $50,000 extra
Markets tumbled over Fed independence concerns during confrontation
Dollar dropped 8% as investors feared politicized monetary policy
Renovation cost equals 5 years of school lunches for 2 million children
🔐Ethics💰Economy
People, bills, and sources
Jerome Powell
Federal Reserve Chairman
Donald Trump
President of the United States
What You Can Do
1
Lock in fixed-rate mortgages before political interference raises rates further
2
Diversify savings internationally through major banks to protect against dollar drops
3
Open foreign currency accounts to hedge against domestic political chaos
4
Monitor Fed independence at federalreserve.gov for policy impacts
5
Contact Congress at 202-224-3121 to protect central bank independence
6
Track mortgage rate changes at bankrate.com to time refinancing decisions