HUD Secretary Scott Turner has publicly condemned Jerome Powell for approving billions in renovations at the Federal Reserve’s headquarters. Turner argued the Fed’s $2.5 billion remodel highlights misplaced priorities during a deepening national housing crisis.
According to Turner, the Federal Reserve’s decision to revamp the Marriner S. Eccles Building reflects elite detachment. At the same time, millions of Americans face rising mortgage rates and unaffordable homes. Powell’s refusal to lower interest rates, Turner said, makes home ownership harder for average families.
“An unelected bureaucrat like Powell wasting taxpayer funds during a housing crunch is insulting,” Turner said. He added, “These decisions hurt families across the country.”
Meanwhile, Turner announced HUD’s relocation from Washington, D.C. to Alexandria, Virginia, aiming to save taxpayer money. The new location already houses the National Science Foundation. Turner explained the move will eliminate costly repairs at the outdated Weaver Building.
“We are not spending hundreds of millions to fix leaky basements,” Turner emphasized. “We are doing what Powell refuses to—putting taxpayers first.”
Fed Chair Powell faces backlash from President Trump as well. Trump slammed Powell at the recent NATO summit. He mocked the costly headquarters renovation and labeled Powell “terrible” and “mentally average.”
Trump criticized Powell’s interest rate policies, which he claims are “choking” the housing market. He accused Powell of hurting young homebuyers and stalling economic growth. On social media, Trump said Powell’s actions “are truly one of my worst appointments.”
Sen. Elizabeth Warren defended Powell but criticized HUD’s relocation plan. She claimed Trump’s tariffs, not interest rates, are slowing the economy. Still, speculation swirls over whether Trump might fire Powell if re-elected in 2024.
Fed Chair Powell faces backlash even within policy circles. Critics argue that an independent central bank should not ignore public accountability. The Fed declined to comment on Turner’s remarks.
However, its website claims transparency remains a top priority. It lists congressional hearings, reports, and spending guidelines to justify the renovation.
Meanwhile, HUD estimates $22 million in annual savings from moving to Alexandria. The Weaver Building cost $90 million to repair over 15 years and was deemed beyond economical repair.
Despite Warren’s defense, the backlash against Powell continues to build. As housing affordability declines, Americans are demanding answers. For now, Fed Chair Powell faces backlash from both political sides—and from the public watching their budgets tighten.
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