Fed Launches Internal Review Of $2.5B Renovation As Trump Officials Slam Oversight, Spending

The Federal Reserve has requested that its inspector general review a $2.5 billion headquarters expansion project following sharp criticism from the Trump administration. According to CNBC, Fed Chair Jerome Powell requested the review amid accusations of “fiscal mismanagement” and cost overruns tied to renovations. National Economic Council Director Kevin Hassett questioned the lack of congressional oversight, while former Fed Governor Kevin Warsh called the spending “outrageous.” The Fed defended the project online, citing safety upgrades and modernization needs, and clarified it is not subject to OMB control or taxpayer funding.