Fed Pushes Back on Trump’s Criticism, Defends $2.5B Renovation

The Federal Reserve defended its $2.5 billion headquarters renovation project in a detailed FAQ posted Sunday. It asserted that the upgrades are essential to modernize two aging buildings on the National Mall, according to Axios. The Fed emphasized that the renovations eliminate costly future repairs and consolidate operations. The statement counters the Trump administration’s claims that the project may violate planning laws and could justify removing Fed Chair Jerome Powell. Trump criticized Powell for resisting rate cuts and accused him of wasting money, calling for his resignation. White House budget director Russell Vought is reviewing whether the changes diverged from approved plans. The Fed said it is not generally subject to NCPC oversight and believes its renovation changes do not require further review under the 2021 approved plans.