Federal Reserve Chairman Jerome Powell formally replied to White House OMB director Russell Vought’s July 10 letter, which asked pointed questions about the Fed’s headquarters renovation. Powell explained the reasons the project cost had exceeded its initial budget, and denied that the renovated offices would include luxurious extras. Vought’s letter was the latest chapter in President Donald Trump’s campaign to pressure Powell to step down from the central bank. Trump is furious at Powell’s refual so far to lower interest rates.
Federal Reserve Chairman Jerome Powell on Thursday formally replied to a set of pointed questions from the director of the White House Office of Management and Budget about the renovation of the Fed’s Washington headquarters.
Powell pointed to a newly launched page on the Fed’s public website dedicated to answering questions