The front facade of the Marriner S. Eccles Federal Reserve Board Building is visible as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images
After months of President Donald Trump criticizing Federal Reserve Chairman Jerome Powell for his refusal to lower the benchmark borrowing rate, the latest flashpoint to emerge in the White House’s campaign against Powell is a years long renovation of the Fed’s headquarters in Washington D.C.
The renovation costs will exceed $2 billion, in part due to asbestos and lead contamination discovered during the initial stages. The renovated buildings will also include blast-proof glass on the windows, according to a Fed official who briefed reporters during a tour earlier Thursday.
The historic buildings are expected to be renovated by 2027, with staff moving back into their offices the following year.
Since the Trump administration first seized on the project’s cost overruns earlier this spring as an avenue to criticize Powell, the Fed has created a public website on the project.
The Marriner S. Eccles Federal Reserve Board Building is visible as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
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Original detail work along the ceiling is visible in the main two story board room as a massive renovation continues of the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
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An excavator works on the ground floor of the 1951 Constitution Avenue Building as a massive renovation continues on the building and the Marriner S. Eccles Federal Reserve Board Building on July 24, 2025 in Washington, DC.
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The grand atrium is visible as a massive renovation continues of the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC. The $2.5 billion renovation of the Federal Reserve’s historic headquarters has come under scrutiny as U.S. President Donald Trump visits the building today, after accusing Federal Reserve Chairman Jerome Powell of overspending and poor judgment amid broader political tensions over the central bank’s independence. (Photo by Andrew Harnik/Getty Images)
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The grand atrium is visible as a massive renovation continues of the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
An example of water damage is visible along the ceiling in the historic lobby of the 1951 Constitution Avenue Building which was in poor condition prior to a massive renovation that continues on the building and the Marriner S. Eccles Federal Reserve Board Building on July 24, 2025 in Washington, DC.
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The Washington Monument is visible from the roof of the Marriner S. Eccles Federal Reserve Board Building as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
An oval reception area at the entrance to a main two story board room has jokingly been referred to as the “Oval Office” by construction workers, as a massive renovation continues of the Marriner S. Eccles Federal Reserve Board Building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
The front facade of the 1951 Constitution Avenue Building is visible as a massive renovation continues on the building and the Marriner S. Eccles Federal Reserve Board Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images
The front facade of the Marriner S. Eccles Federal Reserve Board Building is visible as a massive renovation continues on the building and the 1951 Constitution Avenue Building on July 24, 2025 in Washington, DC.
Andrew Harnik | Getty Images News | Getty Images