It’s not the Nantucket Summer Garden Tour.

Yet a gaggle of White House officials and other GOP leaders led by President Donald Trump headed over to the Federal Reserve campus this week.

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They’re checking out a $2.5 billion renovation that includes asbestos abatement, lead removal, refurbished marble, and no — repeat no — beehives on the roof.

Related: Former Fed Chair sends stern message on economy, Fed

The visit, or rather, inspection, is part of the Trump administration’s ongoing heckling campaign of Fed Chair Jerome Powell.

No word if Darjeeling tea and cream scones are on the menu, but Powell’s head definitely is.

The Trump administration will review a $2.5 billion renovation of two historic buildings on the campus of the Federal Reserve Board in Washington, D.C.

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Federal Reserve tour to monitor $2.5B renovation costs

Trump is really, really peeved at Powell and the Fed’s policymaking Federal Open Meeting Committee for not lowering interest rates.

The independent central bank avoids politics the best it can and sets monetary policy based on data, not egos.

President Trump’s berating threats, juvenile name-calling, and personal attacks against Powell over the last five months have been bolstered by the multitude of administration officials using more professional language and operational strategies to try to force Powell to resign.

Related: Why the Federal Reserve matters so much

The Fed Chair has said he plans to stay until his term ends in May 2026. Because of the Fed’s unique independence, President Trump can’t fire or “DOGE” him.

It seems the only way Powell could be replaced with a Trump heir apparent is if Powell is fired for “cause.” That term is somewhat loaded with mysterious definitions, but the word “fraud” keeps popping up.

According to Yahoo Finance, Trump told reporters, “I mean, it’s possible there’s fraud involved with the $2.5 billion renovation.” This, after he said earlier that the project “sort of is” a fireable offense.

Historic preservation, modern updates  part of Fed $2.5B restoration

On July 21, Treasury Secretary Scott Bessent posted on X (formerly Twitter), calling for a review of the Fed’s renovation project.

So Team Trump is trotting over to the National Mall to learn why there are cost overruns to the original $1.9 billion price tag for the renovations of two building were erected in the early 1930s.

Should those overruns prove to be due to Powell’s lax management oversight, they could start what will undoubtedly be a protracted and nasty legal battle to remove Powell from the post.

The White House provided no details about what President Trump will do at the Fed buildings.

More Economic Analysis:

• GOP plan to remove Fed Chair Powell escalates
• Federal Reserve official gives green light to July rate cut
• Trump deflects reports on firing Fed Chair Powell ‘soon’
• Former Federal Reserve official sends bold message on ‘regime change’

Among the visitors for the tour: White House Deputy Chief of Staff James Blair, Budget Director Russell Vought, and Federal Housing Finance Agency Director Bill Pulte (an especially vocal and vitriolic Powell critic).

For its part in “Fedgate,” the central bank on Monday released a six-minute, 23-second video recorded July 18. It shows active construction scenes overlaid with text descriptions of the project and installation of infrastructure like blast-protected windows and modern heating, plumbing, and electrical systems.

According to the Federal Reserve’s website, the renovations of the two historic buildings include:

• 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.
• Complete replacement of antiquated systems such as electrical; plumbing; Heating, Ventilation, and Air Conditioning (HVAC); and fire detection and suppression systems.
• Major structural work to bring the buildings up to modern code, including current accessibility, security, and safety standards.
• The work will also restore and enhance space for the public along the National Mall.

The plans also show proposed areas that have been dropped for cost, including water installations and rooftop beehives. 

There is also no VIP elevator, nor a VIP dining room in the construction plans. 

Learn more about the historic preservation of the buildings and plans for the renovations here.

“I just want to get eyes on sort of the whole project itself,” Blair told Semafor.

The administration is looking to analyze the project plans and get a better sense of what the renovations look like by cross-checking them with details sent in letters and comments made by Powell, Semafor reported.

What to expect at the Federal Reserve’s July meeting 

The Federal Open Meeting Committee is expected to keep the Federal Funds Rate steady at 4.25% to 4.50% when it meets July 29-30.

Powell has repeatedly said he is focused on the Fed’s dual mandate of low inflation and unemployment with steady economic growth.

The Fed’s “wait-and-see” approach to holding the fund rate is tethered to the impact tariff inflation will have on prices this summer.

Many economists and Fed watchers expect the occur at the September FOMC meeting.

Related: Tariff uncertainty resets inflation, July interest rate cut bets