WASHINGTON, D.C. (WDNews)
– White House Budget Director Russell Vought delivered pointed criticism over the Federal Reserve’s ongoing $2.5 billion renovation of its Washington, D.C. headquarters, calling it a “spectacle of largesse” and comparing its scale to the Palace of Versailles.
Speaking to reporters, Vought said he has “substantial questions” about Federal Reserve Chair Jerome Powell’s testimony regarding the scope and oversight of the project. In a letter posted to social media earlier this week, Vought accused Powell of “gross mismanagement” of the central bank.
“The president is a developer. When he hears $2.5 billion for a renovation, it’s offensive,” Vought said. “This should have never gone forward without thorough democratic review.”
Vought noted that, adjusted for inflation, the total cost of the U.S. Capitol from its founding to 1982 was roughly the same as the Fed’s current renovation plans.
“This would qualify as the eighth wonder of the ancient world if it were built back then,” he said.
He emphasized that the administration will be asking “very tough questions” through the National Capital Planning Commission, which now includes three new members.
“The Fed’s lack of remittances since 2023 is already hurting our deficit. Now taxpayers are funding a monument to bureaucracy,” Vought added.
The remarks come as the administration promotes its “One Big Beautiful Bill,” a sweeping fiscal package signed by President Trump that includes $165 billion in funding for the Department of Homeland Security and a promised $400 billion in deficit reduction.
Vought also highlighted a $9.4 billion rescissions package currently before Congress.
“This is our test. If lawmakers are serious about cutting waste, they’ll support it,” he said, adding that more packages would follow if the vote succeeds.
Vought dismissed concerns about other administration spending, including the new Air Force One overhaul, as necessary defense investments.
“We’re not against spending where it’s needed,” he said. “But there has to be fiscal responsibility.”
He said FEMA currently holds $13 billion in reserves and reiterated the president’s promise to fully support Texas during its flood recovery, while also signaling a broader effort to reform FEMA for efficiency.
“We’re looking at every agency, every contract, every unnecessary expense,” Vought said. “This administration is serious about ending waste — whether it’s at the Fed or the Rose Garden.”
