
Trump's housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates
The Federal Reserve's headquarters has been undergoing a major renovation that has been plagued by cost overruns and now has a price tag of $2.5 billion. Meanwhile, the Trump administration faults Powell for not cutting interest rates, even with inflation seemingly under control.
"It's rich that an unelected bureaucrat like Powell is wasting billions of taxpayer dollars on building renovations while Americans struggle to buy homes due to high mortgage rates, which are directly impacted by his refusal to lower interest rates," Turner told Fox News Digital.
HUD became the first Cabinet agency to announce a move out of Washington, D.C., with Turner reporting in June that the department was moving to the already existing National Science Foundation (NSF) in nearby Alexandria, Virginia. Turner said the move will free up millions in taxpayer funds that were spent on the massive, longtime HUD headquarters at D.C.'s L'Enfant Plaza that also included "health hazards, leaks, and structural and maintenance failures" for staffers.
"HUD's move isn't about me – our workforce deserves to be in a building that is safe and that fits our workforce. NSF was never able to fully fill their building to occupancy and will move into a building that best fits their workforce. Instead of spending nearly a half-billion dollars on renovating 10 floors of basement with perpetual leaks, HUD and GSA are saving the taxpayers money – something that Chairman Powell, sitting in his ivory tower, thinks he is above – and putting Americans first," Turner continued.
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."
Trump said recent, over-budget renovations at the Fed headquarters, the Marriner S. Eccles Building, "sort of is" a "fireable offense."
"I think he's terrible. I think he's a total stiff. But the one thing I didn't see in him is a guy that needed a palace to live in," Trump told reporters last week.
"You talk to the guy. It's like talking to – nothing. It's like talking to a chair. No personality, no high intelligence, no nothing. But the one thing I would have never guessed is that he would be spending $2.5 billion to build a little extension."
Democrat lawmakers have slammed Trump's attacks on Powell over the Fed building's updates, including Massachusetts Sen. Elizabeth Warren taking a swipe at Turner for moving HUD to Virginia.
"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."
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.
The Federal Reserve on Sunday morning declined comment when asked about Turner's remarks to Fox Digital.
The Fed's website includes a frequently asked questions page regarding the building's renovations, including underscoring that the Fed's board "takes the responsibility to be a good steward of public resources," and is subject to a handful of safeguards to ensure transparency.
"The Federal Reserve Chair testifies to each house of Congress twice per year on monetary policy. During two sequential days of hearings, members of the House and Senate have the opportunity to question the Fed Chair on any topic, and then submit questions in writing after the hearings. As part of these hearings, the Federal Reserve publishes a semiannual Monetary Policy Report, detailing recent economic and monetary policy developments," the page states.
Trump, who appointed Powell during his first presidential term, has meanwhile continued slamming Powell on social media for the current interest rates he said are "choking" the housing market for Americans.
"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."
"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!"
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
19 minutes ago
- Yahoo
AWS Signs Strategic Collaboration Agreement With Saviynt to Advance AI-Driven Identity Security
Saviynt's Identity Cloud will integrate with Amazon Q Business to enable proactive, AI-powered identity governance for organizations LOS ANGELES, July 22, 2025--(BUSINESS WIRE)--Saviynt, a leading provider of identity security solutions, announced today that it has signed a strategic collaboration agreement (SCA) with Amazon Web Services (AWS) to help organizations create a scalable and secure foundation for digital transformation through AI-driven identity security. The strategic collaboration will focus on delivering Saviynt's next-generation Identity Security Posture Management (ISPM) capabilities through deeper integration with AWS generative AI services, Amazon Q Business. "We are excited to collaborate with AWS to bring Saviynt's next-generation identity governance into the Amazon Q ecosystem," said Paul Zolfaghari, president at Saviynt. "This native integration in Amazon Q Business will help organizations embed AI-driven identity insights into critical workflows and drive stronger cloud security outcomes." As an identity security vendor that is natively embedded as a Data Accessor within Amazon Q index, Saviynt will enable enterprises to harness the power of real-time identity data and insights directly within AWS. The collaboration includes dedicated AWS investments in co-selling, marketing, and product innovation – positioning Saviynt to deliver AI-driven identity governance at scale through the Amazon Q ecosystem. "Today's organizations face mounting identity risk from fragmented tools, shadow access, and limited visibility across data, devices, and infrastructure," said Vibhuti Sinha, chief product officer at Saviynt. "By integrating Saviynt's intelligent identity governance with Amazon Q index's analytics platform, we're enabling enterprises to gain a unified, context-aware view of identity posture—driving smarter decisions, reducing risk, and accelerating Zero Trust maturity." By integrating with Amazon Q index as a native Data Accessor, Saviynt will extend its powerful analytics and governance capabilities into the Amazon Q experience. Enterprise customers will gain: Faster Compliance and Audit Reviews: Instantly surface access assignment events, approval tickets, and policy documentation – streamlining audits and accelerating compliance reviews. Simplified Investigations: Eliminate manual searches across disparate systems like ServiceNow, Jira, GDrive, or SharePoint. Analysts get a unified view of identity events and related tickets in real time. More Accurate Access Decisions: Easily validate user access against internal policies, compliance rules, and documented approvals – ensuring decisions are both fast and aligned with governance standards. Greater Operational Efficiency: Reduce response times and improve team productivity with immediate access to historical identity data and governance context. These capabilities are especially valuable for regulated industries such as financial services, healthcare, and manufacturing – where compliance, audit readiness, and least-privilege access are business-critical. To learn more, please visit the website. About Saviynt Saviynt empowers enterprises to secure their digital transformation, safeguard critical assets, and meet regulatory compliance. With a vision to provide a secure and compliant future for all enterprises, Saviynt is recognized as an industry leader in identity security whose cutting-edge solutions protect the world's leading brands, Fortune 500 companies and government organizations. For more information, please visit View source version on Contacts Press Contact Jacklyn Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
19 minutes ago
- Yahoo
Deutsche Bank Resumed a Hold Rating on Endava plc (DAVA)
Endava plc (NYSE:DAVA) is one of the . On July 16, Deutsche Bank resumed coverage on Endava plc (NYSE:DAVA) with a Hold rating and a $14 price target. The firm noted in a research report that the cautious rating reflects broader industry challenges, highlighting that the payments, processors, and IT services sectors have underperformed against the S&P 500 this year. This underperformance was driven by overly optimistic investor expectations around the November election that did not materialize. The analyst highlighted that trade uncertainties and concerns about consumer spending have made the outlook for the group very uncertain, which is the most uncertain in the last five years. Under the current market scenario, Deutsche Bank favors companies with consistent sales growth, margin expansion, and strong free cash flow generation. Endava plc (NYSE:DAVA) is a technology service provider specializing in digital transformation and engineering services. It helps clients design, develop, and deploy software products and platforms using agile and AI-driven approaches. While we acknowledge the potential of DAVA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
19 minutes ago
- Yahoo
PG&E (PCG) Stock Short-Circuits in 2025 as Regulatory Risk Sparks Investor Jitters
PG&E Corp (NYSE:PCG) is one of the most oversold S&P 500 stocks so far in 2025. After a relatively better performance in 2024, PG&E stock has been a laggard in 2025 with declines of over 33%, and is now trading near the bottom of its 52-week range. A major part of this correction occurred in June, when the shares nosedived by around 20%. Investors became increasingly cautious after several reform proposals were advanced, including regulatory changes as part of the California utility regulation overhaul bill. Investors were already digesting the company's May announcement of its plan to keep rates flat for the next few years. While management stated that utility bills won't rise in 2025 and will fall in 2026, consumers appeared to remain sceptical, as the company has already raised rates multiple times in 2024. A utility employee connecting wires at a power station in order to distribute electricity to customers. Driven by regulatory uncertainty, analyst opinions on the shares remained mixed. In mid-May, Morgan Stanley analyst David Arcaro had cut his price target on PG&E Corp (NYSE:PCG) to $18 from $18.5. While utilities continue to see good demand from both data centers and large load customers, the analyst maintained his Underperform rating. More recently, in mid-June, Bank of America Securities analyst Ross Fowler maintained a Buy rating with a price target of $24. PG&E Corp (NYSE:PCG) provides electric and natural gas distribution services, as well as electric generation and natural gas transmission and storage services, through its subsidiaries. PG&E serves retail customers for both electric and natural gas in northern and central California. While we acknowledge the potential of PCG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Harvard University Stock Portfolio: Top 10 Stock Picks and . Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data