



WASHINGTON >> The White House is trying to turn the Federal Reserve into a poster child for wasteful spending, criticizing an expensive renovation at the central bank’s headquarters as President Donald Trump pursues an extraordinary pressure campaign to lower interest rates.
The latest step came Thursday when Russ Vought, Trump’s top budget adviser, sent a letter to Federal Reserve Chairman Jerome Powell saying the president is “extremely troubled” that plans may have violated government building rules with an “ostentatious overhaul.”
Trump also named two close aides — James Blair, a deputy chief of staff, and Will Scharf, the staff secretary who furnishes the president with executive orders for his signature — to the National Capital Planning Commission, an obscure panel that could provide another avenue to increase scrutiny.
Blair said he would be “requesting a review of all previous and current building plans” and suggested that Powell wasn’t honest while testifying to Congress about the renovations last month.
If Powell isn’t truthful, Blair wrote on social media, “how else is the American Public to maintain confidence that its monetary policy manager is acting in their interests?”
Taken together, the latest steps amount to an escalating effort to dislodge Powell from his position as chairman before his term ends next May. It’s an unprecedented attempt to reshape the Federal Reserve’s traditional role as an autonomous arbiter of U.S. monetary policy.
On Wednesday, Trump said Powell “should resign immediately” so “we should get somebody in there that’s going to lower interest rates.” He suggested Scott Bessent, his Treasury secretary, as a replacement.