The U.S. Senate Committee on Banking, Housing and Urban Affairs released a statement on Chairman Tim Scott’s visit with President Trump, White House officials and Federal Reserve Chair Jerome Powell to inspect the Federal Reserve’s renovation project and discuss reported cost overruns. Scott reiterated concerns about the Federal Reserve spending billions on renovations and called for greater transparency. The release highlighted Scott’s criticisms of renovation features he characterises as lavish, including rooftop garden terraces, ornate water features and “Italian beehives,” as well as references to new marble finishes and a private art collection. It also traced prior oversight steps, including a letter sent ahead of the Committee’s June hearing on the Federal Reserve’s Semiannual Monetary Policy Report, questioning the renovation spend; Chair Powell’s agreement at the hearing to brief the Committee on the project; the briefing held on July 17; and Scott’s follow-up letter on July 23 listing questions raised in that meeting.
U.S. Senate Committee on Banking, Housing and Urban Affairs 2025-07-24
U.S. Senate Committee on Banking, Housing and Urban Affairs chair Tim Scott tours Federal Reserve renovation with President Trump amid scrutiny of cost overruns
The U.S. Senate Committee on Banking, Housing and Urban Affairs issued a statement on Chairman Tim Scott's visit with President Trump, White House officials, and Federal Reserve Chair Jerome Powell to review the Federal Reserve's renovation project and discuss cost overruns. Scott expressed concerns over the Federal Reserve's spending on lavish renovation features and called for increased transparency. The statement also detailed prior oversight actions, including letters and briefings questioning the expenses.