White Home Deputy Chief of Employees James Blair discusses controversy over the Federal Reserve’s $2.5 billion renovations on ‘Kudlow.’
The makeover of the Federal Reserve’s Washington D.C. headquarters, the Marriner S. Eccles Constructing, has grow to be a lightning rod for Chairman Jerome Powell already underneath fireplace from President Donald Trump, U.S. Treasury Secretary Scott and others for not reducing rates of interest.
A few of his critics have in contrast the over-budget venture to the Taj Mahal and the Palace of Versailles after prices ballooned from round $1.9 billion to $2.5 billion.
Workplace of Administration and Funds (OMB) Director Russell Vought lately despatched a letter to Powell asking about latest testimony and the compliance of design components with plans submitted to the Nationwide Capital Planning Fee (NCPC). It is usually floated as a pretext to fireplace Powell for “cause.”
Powell fired again with a written letter to OMB.
“The Board believes it is of the utmost importance to provide transparency for our decisions and to be accountable to the public. Accordingly, we have established a section of our public website to provide information on the project’s history, goals, engagement with state and federal entities, cost drivers, and specific features of the project. This information supports and further elaborates on my testimony of June 25, 2025, before the Senate Committee on Banking, Housing, and Urban Affairs” mentioned Powell within the first portion of the letter.
FOX Enterprise takes a have a look at the controversial venture in photos.
Controversial building on the Marriner S. Eccles Federal Reserve constructing in Washington, DC
FOX Enterprise’ Eric Revell contributed to this report.
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