Core Points - The Federal Reserve is undergoing a $2.5 billion renovation project at its headquarters, which has faced criticism from President Trump and other Republicans as wasteful and extravagant [1] - The renovation project has seen increasing scrutiny, with Trump and Republican lawmakers questioning the rising budget and the testimony provided by Fed Chairman Jerome Powell in the Senate [1] - A recent media tour of the construction site revealed that approximately 700 to 800 workers are on-site daily, showcasing the scale of the renovation efforts [1] - The project includes features such as a "rooftop garden terrace" intended for employee relaxation, which has raised further concerns among Republican critics regarding the project's expenditures [1]

Group 1 - The core point of the news is that President Trump is scheduled to visit the Federal Reserve headquarters, which is related to the scrutiny of the ongoing renovation project at the institution [1][3] - The visit is expected to last about one hour and involves Trump and other government officials who have requested to tour the renovation site [1] - Trump's aides have been pressing for a site visit, and there was a previous scheduling conflict with a dinner meeting with senators [1] Group 2 - The renovation project at the Federal Reserve is estimated to cost $2.5 billion, funded by the Federal Reserve itself rather than taxpayers [2] - The project has become a focal point for criticism from White House officials towards Fed Chair Powell, with Trump suggesting that cost overruns could be grounds for dismissal [2] - Despite the criticism, Trump later softened his stance, indicating he does not intend to dismiss Powell before the end of his term in May [2]

Core Viewpoint - The ongoing conflict between President Trump and Federal Reserve Chairman Powell intensifies, with Trump criticizing Powell for not lowering interest rates and the costly renovation of the Fed's headquarters, while the Fed releases a video detailing the renovation project [1][4]. Group 1: Federal Reserve Renovation - The Federal Reserve released a video on July 21, showcasing details of the renovation of its Washington headquarters, which includes two historic buildings [2]. - The video, recorded on July 18, highlights construction challenges such as asbestos removal and the installation of infrastructure like blast-resistant windows and heating, plumbing, and electrical systems [3]. - The Fed disclosed information about criticized luxurious aspects of the project, including a "private elevator" leading to a "luxury dining room," clarifying that the elevator is not exclusive to the Board of Governors and that the room is multi-purpose [3]. Group 2: Political Reactions - The Trump administration plans to visit the Federal Reserve headquarters to review the $2.5 billion renovation project, expressing concerns over changes in design plans communicated by Powell [4]. - Republican Congresswoman Anna Paulina Luna has accused Powell of perjury in a letter to the Justice Department, suggesting criminal charges against him for allegedly making false statements regarding the renovation [4][6]. - Luna claims that Powell misrepresented the luxury facilities within the building and falsely stated that cost increases were to simplify construction and avoid delays [6].