HUD Secretary Turner slammed Fed Chair Powell for "wasting billions of taxpayer dollars on building renovations while Americans struggle to buy homes due to high mortgage rates." (Getty Images)
Speculation has swirled that President Donald Trump could try to oust the Fed chief ahead of his term officially ending in May 2026 due to his reluctance to lower the federal funds target rate, which would lower borrowing costs for Americans. The Fed in June held its benchmark interest rate range between 4.25%-4.5%, which Trump has argued stifles American economic growth.
The Fed, which sets monetary policies and oversees banks, has said decisions on interest rates are rooted in its data-dependent approach to managing inflation and economic growth. It acts independently, meaning it does not require approval from the president or Congress when enacting policies.
Trump has amplified his criticisms of Powell in recent weeks, arguing that he already should have lowered interest rates, while calling him a "numbskull" along with the nickname "Mr. Too Late." At the recent NATO summit in Canada, Trump said during a press conference that Powell is "terrible" and is a "very average mentally person" who has a "low IQ for what he does."
President Donald Trump arrives on the South Lawn of the White House from Camp David on June 9, 2025. (Tom Williams/CQ-Roll Call, Inc)
"If Trump were serious about lowering interest rates, he would rein in his chaotic tariffs," Warren said earlier this month during a speech at the Exchequer Club in D.C. "Instead, he is threatening to fire the chairman of the Federal Reserve. When his initial attempts to bully Powell failed, Trump and Republicans in Congress suddenly decided to look into how much the Fed is spending on building renovations."
TRUMP SHOULD RAZE HUD HEADQUARTERS TO DRAIN DC SWAMP
HUD is expected to save $22 million per year on operating and maintenance costs by moving out of the Robert C. Weaver Building, while the government is expected to pull in a hefty sum when the building is officially sold due to its prime location in the nation's capital.
The agency's new home at NSF is anticipated to cost the government $35 per square foot, compared to the $86 per square foot at the Weaver building, including operations and maintenance, Fox Digital learned.
The federal government had spent $90 million on repairs for the massive Weaver building in the last 15 years, Fox Digital learned, but the building has "deteriorated well beyond the point of cost-effective repair, creating significant financial obligations for the federal government if occupancy is maintained," HUD reported in June.
Secretary of Housing and Urban Development nominee Scott Turner is sworn in during his Senate confirmation hearing on Jan. 16, 2025. (Bill Clark/CQ-Roll Call, Inc via Getty Images)
"Too Late," and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house," Trump wrote on Truth Social Friday. "He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway."
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"The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can’t tell you how dumb Too Late is – So bad for our Country!"
Fox News Digital's Eric Revell and Amanda Macias contributed to this report.
https://www.foxnews.com/politics/trumps-housing-chief-rips-powell-blowing-millions-fed-facelift-during-housing-crisis-he-perpetuates