President Donald Trump is using the $2.5 billion renovation of the Federal Reserve’s Washington headquarters as a potential reason to oust Fed Chair Jerome Powell—whom he has long criticized over interest rates. But part of the costly overhaul, including its heavy use of marble, traces back to decisions made by Trump-appointed officials and Trump’s own executive order favoring classical architecture.
The Federal Reserve originally planned a sleek renovation, including glass walls to represent transparency. But in 2020, three Trump appointees on the U.S. Commission of Fine Arts pushed back, insisting on incorporating more “white Georgia marble” to maintain the structure’s historical character. Their pressure prompted a redesign that ultimately included marble panels on the facade, base, and cornices—echoing neoclassical architecture in surrounding federal buildings.
Trump had signed an executive order in December 2020 promoting classical architecture over modernist styles, calling for “beautiful” buildings with traditional designs. Though President Biden later revoked the order, Trump reinstated it on his first day back in office.
Trump and his allies have seized on the renovation’s spiraling cost—which has ballooned by $600 million—to portray Powell as a reckless spender. “Premium marble” was cited by former Trump budget director Russ Vought in a recent letter accusing the Fed of excess. However, the marble addition was directly influenced by those aligned with Trump.
Fed Chair Powell responded to the criticism Thursday, noting that “new domestic marble” was used partly in response to concerns raised during the external review process.
An inquiry is now underway by the National Capital Planning Commission into whether Powell oversaw the project appropriately. The White House has accused Powell of mismanaging the renovation and attempting to cover it up.
“If Powell testified truthfully in Congress, the Fed should have no problem submitting all revised plans,” said White House Deputy Chief of Staff James Blair.
Trump, speaking Wednesday, said he is “highly unlikely” to fire Powell unless there’s evidence of “fraud.” But the possibility remains politically and economically explosive. The U.S. Supreme Court ruled in May that the Fed enjoys some protections against abrupt firings—setting up a potential legal battle if Trump pursues Powell’s removal before his term ends in May 2026.
Financial markets are closely watching. Removing Powell over aesthetic and budgetary disagreements could shatter investor confidence in the Fed’s independence and spark volatility in bond markets—leading to higher interest rates, not lower ones, as Trump has demanded.
Trump has insisted inflation is not a concern and wants the Fed to slash rates. But Powell and other Fed officials remain cautious, especially as Trump’s tariff policies could push prices higher.
The architectural drama dates back to early 2020, when Commissioner Duncan Stroik—appointed by Trump—formally requested an alternative design using white marble to better match nearby federal buildings. His proposal was initially rejected, but the commission continued to express concerns about the Fed’s use of glass and modernist design elements.
By July 2020, the architects presented a revised plan with added marble features. The commission eventually gave full approval to the project in September 2021—after President Biden removed several Trump-appointed commissioners.
Stroik, now a professor at the University of Notre Dame, defended his aesthetic preference: “Stone buildings don’t necessarily have to cost a fortune.” But he admitted the commission never discussed cost comparisons between marble and glass.
Alex Krieger, a Harvard professor emeritus and former commission member, noted that Trump’s appointments shifted the commission’s tone dramatically, driving up costs. “It became a battle over fidelity to the original design,” Krieger said. “That kind of literalism almost always increases expenses.”
Whether the added marble is ultimately a symbol of national pride or government waste depends on which side of the debate one stands. But with Trump poised to use it as a pretext to remove Powell, the renovation of a historic building could trigger a high-stakes clash over the future of the U.S. economy—and the independence of its central bank.
