Tensions Rise Over Federal Reserve Renovation Project
Federal Reserve Chair Jerome Powell addresses the Trump administration's demands regarding cost issues in the renovation of the central bank's headquarters. Powell emphasizes the project's scale, safety upgrades, and strict oversight since its approval in 2017, amidst growing political scrutiny.
The Federal Reserve Chair, Jerome Powell, addressed concerns from the Trump administration about the cost overruns on a major renovation project at the central bank's Washington headquarters. Powell detailed the project's extensive scope, emphasizing necessary safety upgrades and the removal of hazardous materials.
In a letter to Office of Management and Budget Director Russell Vought, Powell stressed the Federal Reserve's commitment to responsible stewardship of public funds, highlighting the rigorous oversight employed since the project's inception in 2017.
The Trump administration, represented by Vought, has posed a series of questions regarding the project, marking another point of contention with Powell, whose decisions have drawn significant attention from the White House.
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