Powell Defends Fed's Renovation Amidst Political Scrutiny

Federal Reserve Chair Jerome Powell has staunchly defended the financial and operational scope of ongoing renovations at the central bank's Washington headquarters. The renovations have become a point of political contention, recently criticized by the Trump administration over purported cost overruns.

In a detailed letter to Budget Director Russell Vought, Powell emphasized the project's necessity, highlighting safety updates and removal of hazardous materials like asbestos. He assured that the project adheres to oversight protocols and historical preservation guidelines.

Despite demands for his resignation from some lawmakers, Powell maintains the project's integrity, while notable figures from the Senate Banking Committee have stepped in to support his leadership, emphasizing the importance of the Federal Reserve's independence from political pressure.

(With inputs from agencies.)