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OMB Challenges Powell Over $2.5 Billion Renovation Costs

7/11/2025

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Summary

Story summary

The White House's Office of Management and Budget has taken aim at Federal Reserve Chair Jerome Powell over a staggering $2.5 billion renovation of the Eccles Building, highlighting $700 million in unexpected cost overruns. The OMB raised alarms about potential violations of federal regulations and is pressing for clarity on adherence to the National Capital Planning Commission's approved plans.

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Story summary

The White House's Office of Management and Budget has taken aim at Federal Reserve Chair Jerome Powell over a staggering $2.5 billion renovation of the Eccles Building, highlighting $700 million in unexpected cost overruns. The OMB raised alarms about potential violations of federal regulations and is pressing for clarity on adherence to the National Capital Planning Commission's approved plans.