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Sen. Tim Scott criticizes Federal Reserve renovation spending, urges lower interest rates
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Summary
Sen. Tim Scott called the Federal Reserve's renovation "opulent," said the project is "over budget" by "hundreds of millions," criticized amenities such as a "beehive garden," and argued lower interest rates would better support workers and wages.
Senator Tim Scott, chair of the Senate Committee on Banking, Housing, and Urban Affairs, criticized the Federal Reserve’s renovation project and pressed for a focus on monetary policy aimed at lower interest rates.
"The word I would use is opulent," Scott said of the Federal Reserve renovation. He described cost overruns and amenities he regards as unnecessary for the central bank’s work, citing "hundreds of millions" of overruns and an on-site "beehive garden." He said taxpayers should not finance opulent facilities while average households struggle to make ends meet.
Asked whether Fed Chair Jerome Powell should step down or is mishandling interest-rate policy, Scott argued the Fed should move toward lower interest rates, citing inflation "about 2.7%" and unemployment "almost at full employment, 4.1%." He said lower rates would help drive up wages and better position ordinary Americans financially.
Scott also tied recent economic outcomes to tariff policy and President Trump, saying the tariff conversation has affected inflation and that "President Trump was right on tariffs." Powell, Scott said, has sought more data on tariffs and related effects.
The interview included no direct response from the Federal Reserve or Chair Powell; the segment records Scott’s views and the host’s questions.
