WASHINGTON — Federal Reserve chairman Jerome Powell defended his $2.5 billion headquarters renovation project near the National Mall Thursday — insisting that “we take seriously the responsibility to be good stewards of public resources.”
“We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017,” Powell claimed in a letter to White House director of management and budget Russ Vought, even though the project is already about $600 million over budget
Powell has faced a firestorm of Republican criticism over the lavish renovation — as President Trump demands that Powell consider resigning after refusing to lower interest rates.
Federal Reserve Chairman Jerome Powell described himself as a good steward of public resources Thursday. AP
The renovation project has given Trump and his allies a way to pressure Powell to either relax interest rates or resign under the weight of