The Federal Reserve Bank has quietly pushed back against the White House’s criticism of the central bank’s $2.5 billion plan to renovate its headquarters in downtown Washington.
Over the weekend, the Fed posted a Frequently Asked Questions page on its website defending the renovation project, with many of the answers directly refuting criticism from White House Office of Management and Budget Director Russell Vought.
“The Federal Reserve takes seriously the responsibility to be a good steward of public resources,” the page says. “The project will reduce costs over time by allowing the Board to consolidate most of its operations. It involves a complete overhaul and modernization that preserves two historical buildings that have not been comprehensively renovated since their construction in the 1930s.”
Mr. Vought last week escalated the administration’s attacks on Fed Chairman Jerome Powell, whom President Trump openly talks about replacing, suggesting that he misled Congress about the