US EditionPowell defends $2.5 billion Fed renovation in a point-by-point response to the Trump administration
WASHINGTON, D.C., JUL 17 – Jerome Powell states the $2.5 billion renovation addresses critical safety and infrastructure needs with ongoing oversight since 2017, despite Trump administration objections.
- Late Thursday, Jerome Powell responded point-by-point to the July 10 letter, affirming continuous board oversight and timing within seven business days.
- After board approval in 2017, the project addressed `significant structural repairs and other updates`, covering Fed buildings including the Marriner S. Eccles Building on the National Mall.
- The Fed noted it’s `not generally subject to the direction` of the NCPC, voluntarily collaborating with the commission and noting 2021 upgrades didn't require resubmission, Powell explained.
- Calling it `sort of a fireable offense`, President Donald Trump said during remarks to reporters, clarifying on Wednesday it was `highly unlikely` he would fire Powell unless fraud.
- The planned simplifications reduce the likelihood of further delays and cost increases, Powell wrote, and his `for cause` protection underpins his role leading the Fed’s policy committee holding rates steady.
61 Articles
61 Articles
Powell Defends $2.5 Billion Fed Headquarters Renovation in Response to Trump Admin
Federal Reserve Chair Jerome Powell responded in a July 17 letter to a senior Trump administration official who last week accused the leader of the nation’s central bank of mismanaging its $2.5 billion Washington headquarters renovation project. On July 10, Office of Management and Budget (OMB) Director Russell Vought penned a letter to Powell and posted it to X, criticizing the Fed chair for overseeing what he called an “ostentatious overhaul” …
Fed's Powell responds to White House on Fed headquarters renovation
Federal Reserve Chair Jerome Powell on Thursday responded to a Trump administration official’s demands for information about cost overruns for a renovation project at the central bank’s Washington headquarters campus, saying the project was large in scope and involved a…
Jerome Powell responds to White House demands for info on Fed HQ renovation
Federal Reserve Chair Jerome Powell on Thursday responded to a Trump administration official's demands for information about cost overruns for a renovation project at the central bank's Washington headquarters campus, saying the project was large in scope and involved a number of safety upgrades and hazardous materials removals.
Associated Press News
Federal Reserve says building renovation complies with law, defends costs
Federal Reserve Chair Jerome Powell on Thursday said the agency’s renovation of its office complex in Washington complies with plans approved by a local commission, disputing a White House suggestion that they had violated the law by deviating from those plans.
Coverage Details
Bias Distribution
- 75% of the sources are Center
To view factuality data please Upgrade to Premium
