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.
“As explained on the Board’s public website, we take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people,” Powell wrote in his letter to Office of Management and Budget Director Russell Vought. “We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017.”
Vought last week demanded answers from Powell to a series of questions about the project, which has emerged as the latest line of attack against Powell by the Trump White House.
