Renovation Controversy: Trump Administration Eyes Fed's Upgrades

The Trump administration, under scrutiny, is set to visit the Federal Reserve's Washington headquarters to evaluate a $2.5 billion renovation project. This development was reported by Semafor on Monday, as revealed by White House Deputy Chief of Staff James Blair.

Senate Banking Chair Tim Scott is reportedly discussing participation in the visit, according to privileged sources. President Trump has suggested that financial improprieties might exist concerning the renovation, provoking potential action against Federal Reserve Chair Jerome Powell.

The ongoing tension arises from Trump's critical stance on Powell due to the Fed's hesitance regarding interest-rate cuts. Amidst these criticisms, Powell cited necessary updates and safety measures as reasons for cost increases, although details remain under discussion.

(With inputs from agencies.)