Trump’s HUD Chief Slams Powell Over $2.5B Fed Facelift Amid Housing Crisis

In a scathing critique, Housing and Urban Development Secretary Scott Turner has taken aim at Federal Reserve Chair Jerome Powell for splashing out a staggering $2.5 billion on renovating the Fed's headquarters while Americans grapple with a housing crisis. Turner argues that Powell's refusal to lower interest rates—currently stuck at a range of 4.25%-4.5%—is exacerbating the struggle for homebuyers, making this lavish expenditure even more galling.

Taxpayer Dollars Down the Drain?
Turner didn’t mince words, calling out Powell for what he sees as a blatant misuse of public funds. "It’s beyond ironic that an unelected official like Powell can burn through billions on a fancy facelift for his office while families can’t afford a roof over their heads," Turner remarked. The Fed's Marriner S. Eccles Building renovation has ballooned in cost, drawing ire at a time when economic relief for everyday Americans seems nowhere in sight.

Trump Joins the Fray
President Donald Trump has also piled on, repeatedly slamming Powell for dragging his feet on rate cuts and dubbing him 'Mr. Too Late.' Trump’s frustration boiled over at a recent press conference, where he called Powell 'terrible' and suggested the over-budget renovation could be a 'fireable offense.' Speculation continues to swirl about whether Trump might push to oust Powell before his term ends in May 2026.

HUD’s Strategic Move
On a different front, Turner is making waves of his own by relocating HUD out of Washington, D.C., to Alexandria, Virginia, into a space previously occupied by the National Science Foundation. This move is projected to save taxpayers millions annually, with costs dropping from $86 to $35 per square foot. Turner emphasized that this isn’t about personal gain but about ensuring a safer, more efficient workspace while slashing unnecessary expenses—something he believes Powell could learn from.

Political Pushback
Not everyone is on board with the criticism of Powell. Democratic Senator Elizabeth Warren fired back, accusing Trump of using the Fed renovation as a pretext to bully Powell. She argued that if Trump truly cared about lowering rates, he’d focus on reining in his tariff policies instead of attacking the Fed’s independence.

As the housing market continues to feel the squeeze, the clash between fiscal responsibility and monetary policy remains a hot-button issue. Will Powell budge on rates, or will this renovated 'ivory tower' stand as a symbol of misplaced priorities? Only time will tell.