Indefatigable panelists ‘barron entered the seat of Federal Reserve Chairman Jerome Powell’s government and discussed impeachment of the official.
President Donald Trump on Wednesday blasted the ongoing renovation of the Federal Reserce headquarters, calling it “a base on the Potomac River.”
“They are spending $4 billion on rebuilding a building that should have 25 million occupants,” said the audience at the Kennedy Center during the US-Saudi Financial Forum.
The Fed’s $2.5B renewal is President IrKing Trump and team
“They’re building a basement on the Potomac River. I could tell them. That’s very hard to do, and it’s ineffective, and it’s very expensive,” Trump said. “But they’re up to $4 billion, led by this clown,” he added, referring to Federal Reserve Chairman Phowell.
The renovation project is estimated to cost about $2.5 billion. (Andrew Harnik/Getty Images)
The renovation of the two main office buildings in Washington Foggy Foundhood is estimated to cost $ 2.5 billion. This project is funded by the Fed itself, not by taxpayers.
The Fed is financially self-sufficient and does not rely on commercial or tax dollars to cover its operating costs, which include salaries, equipment maintenance, and current and future renovations. The Fed’s Primage capital comes from interest earned on securities and government fees charged to financial institutions.
A look at the possible battle between Trump and Powell Over Fed Pod Fed
The Federal Reserve funds the refinance, not the taxpayers. (Andrew Harnik/Getty Images)
Powell had previously told lawmakers that the tax bill was due to unexpected construction challenges and the nation’s rising rate.
“There is no new marble,” Powell told the Senate Banking Committee in June. “There are no special lifters. They are the old liftetors that were there. There are no new water features. There are no bees and there are no roof garden terraces,” said Lugu of the garden.
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Powell was told again law makers That no one “wants to do a major renovation of a historic building in their name.”
“We decided to take it because, frankly, when I was the governor, before I became the chair, I understood how bad the construction was and it needed serious repairs,” he said, adding that the building was “not really safe” or watertight.
The renovation is expected to be completed in the fall of 2027. (Andrew Harnik/Getty Images)
A month later, the administration’s office and budget director Russell agreed sent a letter to Powell calling the building a “manipulative exaggeration.”
Powell fired in his letter.
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He said both buildings need “major structural repairs and other updates,” including asbestos removal and electrical, plumbing, ventilation, and land acquisition programs.
The project is expected to be completed in the fall of 2027. Washington, D.C.-based workers are likely to begin work on the building in March 2028.
