Latest news with #renovations
New York Times
an hour ago
- Business
- New York Times
Live Updates: Trump to Visit Federal Reserve as He Tried to Put Epstein Behind Him
President Trump will visit the Federal Reserve on Thursday, increasing the administration's pressure on the central bank after attacks over its management of the economy and renovations underway at its headquarters in Washington. Mr. Trump is set to go there at 4 p.m. Eastern time, according to a daily schedule published by White House late Wednesday. No additional details were given about the visit beyond that it would last about an hour. It did not specify whether Mr. Trump would be meeting with Jerome H. Powell, the Fed chair and the primary target of the president's repeated attacks on the central bank. Public opinion about the Fed chair has become increasingly polarized Percent saying they have at least a fair amount of confidence in (Fed chair name) to do or recommend the right thing for the economy A spokesperson at the Fed said the central bank was working with the White House to accommodate the visit. The White House did not respond to a request for comment. Mr. Trump decided on the visit this week, according to one person briefed on the decision. The Fed was not alerted in advance, the person said. Top administration officials were already scheduled to tour the construction site on Thursday, a concession that was granted to them by the Fed as it has sought to deflect criticism of the project, which involves a pair of buildings that are close to 100 years old and undergoing a roughly $2.5 billion revamp. In recent days, the central bank has published a virtual tour of the construction site, including footage of asbestos caulking being removed and blast-resistant windows being installed. It has also specified where certain features, like a rooftop terrace for staff, have been scaled back. Mr. Trump's visit signifies an escalation in his pressure campaign against the Fed. Presidents do not typically go to the central bank in an official capacity, reflecting the longstanding independence of the institution from the White House. The president's last direct interaction with Mr. Powell was in late May when they had a private meeting at the White House. The meeting, which was organized at Mr. Trump's request, was their first since the president returned to the White House. At the time, they discussed the economy but Mr. Powell did not share any expectations for monetary policy, according to the central bank. The Fed chair instead told Mr. Trump that decisions about interest rates would 'depend entirely on incoming economic information and what that means for the outlook' and would be 'based solely on careful, objective and nonpolitical analysis.' Republican lawmakers have also piled on the pressure in recent days. In a letter to Mr. Powell on Wednesday, Senator Tim Scott of South Carolina, who chairs the powerful Senate Banking Committee, demanded more information about the central bank's renovations, after a briefing with Fed staff on July 17. Mr. Scott highlighted what he described as 'distinct differences' between public plans regarding the project and what Mr. Powell shared during congressional testimonies in June as well as information the Fed posted on its website. The lawmaker is now seeking documents verifying changes flagged by the Fed, including whether the buildings will include private dining rooms, water fountains and new marble, among other features that have drawn attention. Mr. Scott called on Mr. Powell to respond by Aug. 8, 'to effectuate your pledge to transparency.' Since returning to office, Mr. Trump and his top aides have been relentless in their criticism of Mr. Powell, who has resisted the president's demands so far this year to significantly lower interest rates. The Fed paused interest rate cuts in January after a series of reductions at the end of last year, a move that Mr. Trump on Wednesday branded as 'political.' 'Our economy is so strong now, we're blowing through everything, we're setting records,' he said in the Oval Office. 'People aren't able to buy a house because this guy is a numbskull, he keeps the rates too high, and probably is doing it for political reasons.' The president claimed that Mr. Powell had cut rates 'just before the election to try to help Kamala, or whoever he was trying to help, he probably didn't know.' He has called for interest rates to be about 3 percentage points lower, or around 1 percent, a level that is typically associated with an economic downturn. He has also tied the need for lower borrowing costs to the country having to spend less on financing its deficit, a reason completely at odds with how the Fed typically sets monetary policy. A line chart of the federal funds target rate range which the Fed left unchanged at 4.25 percent to 4.5 percent. 8 % Federal funds target rate 6 No change 4 RECESSIONS 2 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 No change 4 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 4 No change 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 No change 4 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 The Fed is widely expected to again keep interest rates steady when it meets next week. Mr. Trump's ire with Mr. Powell has grown so acute that he has openly toyed with firing him, which would likely cause chaos in financial markets and would be legally fraught. A president is limited in his ability to remove a Fed chair without there being evidence of extreme misconduct or other forms of 'cause.' Legal experts view the administration's focus on the Fed's renovations as a potential avenue to establish that cause. Howard Lutnick, the commerce secretary, on Wednesday called on Mr. Powell to either be fired or to resign. Treasury Secretary Scott Bessent has taken a more moderate stance, saying there was nothing to suggest that the chair needed to immediately step down, even as he called on the central bank to conduct an 'exhaustive internal review of its non-monetary policy operations.' Maggie Haberman contributed reporting.
New York Times
11 hours ago
- Business
- New York Times
Trump to Visit Federal Reserve as Pressure Campaign Intensifies
The White House announced late Wednesday that President Trump would visit the Federal Reserve, increasing the administration's pressure on the central bank after attacks over its management of the economy and renovations underway at its headquarters in Washington. Mr. Trump will visit the Fed at 4 p.m. Eastern time on Thursday, according to a daily schedule published by White House. No additional details were given about the visit beyond that it would last about an hour. It did not specify whether Mr. Trump would be meeting with Jerome H. Powell, the Fed chair and the primary target of the president's repeated attacks on the central bank. Public opinion about the Fed chair has become increasingly polarized Percent saying they have at least a fair amount of confidence in (Fed chair name) to do or recommend the right thing for the economy Source: Gallup surveys conducted between 2001 and 2025 By The New York Times The Fed did not have an immediate comment about Mr. Trump's visit. Top administration officials were already scheduled to tour the construction site on Thursday, a concession that was granted to them by the Fed as it has sought to deflect criticism of the project, which involves a pair of buildings that are close to 100 years old and undergoing a roughly $2.5 billion revamp. In recent days, the central bank has published a virtual tour of the construction site, including footage of asbestos caulking being removed and blast-resistant windows being installed. It has also specified where certain features, like a rooftop terrace for staff, have been scaled back. Mr. Trump's visit marks an escalation in his pressure campaign against the Fed. Presidents do not typically go to the central bank in an official capacity, reflecting the longstanding independence of the institution from the White House. 8 % Federal funds target rate 6 No change 4 RECESSIONS 2 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 No change 4 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 4 No change 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 20 % 18 Federal funds target rate 16 14 12 RECESSIONS 10 8 6 No change 4 2 1970 '75 '80 '85 '90 '95 2000 '05 '10 '15 '20 '25 Note: The rate since December 2008 is the midpoint of the federal funds target range. Source: Federal Reserve By Karl Russell Want all of The Times? Subscribe.
Yahoo
2 days ago
- Business
- Yahoo
Owners of Fort Lauderdale assisted living home rack up $40,000 in fines, board says
The owners of an assisted living home accused of removing all of its residents to convert to luxury apartments have now racked up $40,000 in fines over the renovations, Fort Lauderdale code enforcement officials said at a meeting Tuesday. Management for Oasis Living Quarters announced the controversial evictions at a meeting in March, according to residents, employees and a state inspection report. As residents moved out, workers began tearing down partitions, demolishing kitchenettes and installing air conditioning units. But the facility never received a permit for the renovations or changed the building's use from an assisted and independent living home to apartment buildings, according to city officials. The removals, which included residents who were bedridden or had dementia, also led to a lawsuit and citations from the state over the lack of written notice. Attorneys for Oasis have claimed that it did provide notice. At a May 27 code enforcement hearing, an angry code enforcement board decided to give the owner of the property, Lauderdale Commercial Blvd Partners LLC, two weeks to comply with code and then begin fining them $1,000 a day if they did not comply. The LLC is connected to Lee and Jay Podolsky, members of a family of notorious landlords in New York City, the Sun Sentinel previously reported. On June 11, the fines began. By Tuesday, the fines totaled $40,000 and are continuing to increase each day, officials said. Andrew Gebbia, the building inspector, said he visited the property last week and the owners still were not in compliance with code. At that point, the contractor had not submitted applications for plumbing and electrical permits, Gebbia said. As of Tuesday, he had submitted the two applications but both still required additional documents and information. Asked if the building was occupied, Gebbia said yes, but not the units that were under construction. Half of the property that was once Oasis' assisted living side is already operating as Waterview luxury apartments. The assisted living residents had first been moved into the other half, then told to leave in March. Ariel Grosfeld, an attorney for the Abrams Law Firm in Fort Lauderdale, appeared at the Tuesday meeting on behalf of the owners, asking the board to postpone the case until the next meeting because the attorneys for the owners are at trial. She also cited 'the convoluted nature of the case, the procedural history, and the irregularities from city staff.' 'If they get the continuances, the fine still accrues, it's still a thousand in a day?' asked Jacquie Shaw, a member of the board. Assistant City Attorney Rhonda Montoya Hasan said yes, unless the board decides otherwise. The board voted to postpone the hearing until August and to continue fining the owners $1,000 a day in the meantime. A lawsuit in Broward County Court over the removals remains active. It was originally filed on behalf of a bedridden tenant still living at the facility. She later died shortly after moving out. Grosfeld, the attorney for the property, did not immediately respond to an emailed request for comment.
Bloomberg
3 days ago
- Business
- Bloomberg
Fed Releases Video of Renovations
The US Federal Reserve releases video of its renovations that are underway and over budget. Costs have ballooned to $2.5 billion. Work is being done on the headquarters building and a building at 1951 Constitution Avenue. Federal Reserve Chair Jerome Powell has defended the renovation work as transparent. President Donald Trump, who says Powell needs to lower interest rates, says the project is being mismanaged. This is video released by the Federal Reserve on July 21. (Source: Bloomberg)
The Guardian
3 days ago
- Business
- The Guardian
Fed pushes back on White House claims of extravagant renovations
The US Federal Reserve is pushing back against claims from the White House that it is undergoing extravagant renovations with a video tour showing the central bank's ongoing construction. The video, posted on the Fed's website, includes captions explaining that the project is a 'complete overhaul and modernization' of two buildings that have not had major renovations since the 1930s. Direct pushback from the Fed is rare as the central bank tries to minimize public communication to preserve its non-partisan nature. But in recent weeks, the Trump administration has dramatically escalated attacks against the central bank, especially its chair, Jerome Powell, amid calls for the central bank to cut interest rates. The White House claims that the Fed mismanaged funds for renovations, which were approved in 2017 and were estimated to cost $1.9bn in 2019. The costs are now estimated to be closer to $2.5bn – Donald Trump has claimed 'it's possible there's fraud involved'. According to the Fed, the construction includes 'remediation and updates to make the buildings safe, healthy and effective places to work by removing asbestos and lead contamination, and accommodating modern workplace technology', the Fed said in a statement. The central bank also included an FAQ that directly responds to accusations from the Trump administration that the renovations include unnecessary and expensive modifications, like a VIP dining room and a garden terrace. 'No new VIP dining rooms are being constructed as part of the project,' the Fed said. The building 'has conference rooms, which are being renovated and preserved. They are also used for mealtime meetings.' Since the start of his second term, Trump has been trying to get the Fed to lower interest rates, even as the central bank resisted in light of his erratic tariff policies. As the Fed refused to budge, Trump has made it clear that he wants to fire Powell. But the supreme court suggested removing Powell could be unconstitutional, and Wall Street investors appear to be against the idea. The Trump administration seems to have grasped on to the Fed building renovations as a possible workaround. When asked last week whether he would fire Powell, Trump said, 'it's highly unlikely unless he has to leave for fraud'. Attacks from the White House continue. On Monday, the US treasury secretary, Scott Bessent, told CNBC that 'the entire Federal Reserve institution and whether they have been successful' needs to be examined. In Congress, the Florida representative Anna Paulina Luna referred Powell to the justice department, accusing him of lying under oath about the renovations.
