US Housing and Urban Development (HUD) Secretary Scott Turner has criticized Federal Reserve Chair Jerome Powell for the $2.5 billion renovation of the Fed’s headquarters, which he claims is a waste of taxpayer dollars during a housing crisis.
The renovation, completed at a cost of $2.5 billion, was plagued by cost overruns and included “health hazards, leaks, and structural failures.” Turner stated that HUD’s move to the National Science Foundation (NSF) in Virginia will save taxpayers millions per year.
Turner said the Fed’s reluctance to lower interest rates is contributing to the housing crisis, citing the high mortgage rates impacting Americans’ ability to buy homes. He claimed Powell is “wasting billions of taxpayer dollars” on the renovation while Americans struggle with high mortgage rates.
The criticism comes as speculation swirls that President Donald Trump may try to oust Powell ahead of his term’s end in May 2026 due to his reluctance to lower interest rates. Trump has previously attacked Powell, calling him a “numbskull” and a “very average mentally person.”
HUD is expected to save $22 million per year on operating costs by moving out of the Robert C. Weaver Building, which had undergone significant repairs in the last 15 years. The agency’s new home at NSF will cost $35 per square foot compared to $86 per square foot at the Weaver building.
The Federal Reserve declined comment on Turner’s remarks, but its website states that the board takes responsibility for being a good steward of public resources and is subject to safeguards for transparency.
Source: https://www.foxnews.com/politics/trumps-housing-chief-rips-powell-blowing-millions-fed-facelift-during-housing-crisis-he-perpetuates