The White House financial watchdog ripped Federal Reserve Chair Jerome Powell over a lavish revamp of the central bank’s Washington, DC headquarters — and warned construction could be halted.
In a Thursday letter obtained by The Post, Office of Management and Budget (OMB) Director Russell T. Vought ripped Powell over the $2.5 billion Eccles Building renovation, which has seen $700 million in cost overruns, according to public disclosures.
In April, The Post exclusively revealed that the Fed was pushing ahead with the overhaul despite mounting losses – prompting criticism that likened top officials at the central bank to French royalty seeking to build a “Palace of Versailles.”
Office of Management and Budget (OMB) Director Russell T. Vought sent a letter to the Fed on Thursday. REUTERS
“The President is extremely troubled by your management of the Federal Reserve System,” Vought told Powell in the letter. “Instead of attempting to right