The Federal Reserve has launched a new “Frequently Asked Questions” page on its website in response to criticism from the Trump administration about its $2.5 billion renovation project. The page, which was last updated on Friday, directly addresses some of the administration’s claims and provides information about the cost increases that have been a major point of contention.
Office of Management and Budget Director Russell Vought had previously criticized the project, saying it involved an “ostentatious overhaul” of the Fed’s headquarters. However, the new FAQ page sets the record straight, stating that no new VIP dining rooms are being constructed as part of the project.
According to the page, the cost increases were due to changes in building designs and unforeseen conditions, such as more asbestos than anticipated. The Federal Reserve is self-funded through interest it makes on securities held by the institution and through fees charged banks, so taxpayers do not foot the bill for the cost of renovations.
The new FAQ page appears to be a response to Vought’s criticism and suggests that the central bank is preparing to fight back against the Trump administration’s attacks. Chairman Jerome Powell has previously resisted pressure from President Donald Trump to lower interest rates, which has been a major point of contention between the two.
The Federal Reserve’s actions come as the administration escalates its campaign against Powell, with Vought pledging to pursue an investigation into the Fed’s renovations. However, it remains to be seen how effective this latest move will be in countering Trump’s criticism.
Source: https://www.cnbc.com/2025/07/12/federal-reserve-trump-renovation-attacks.html