Powell Defends Fed HQ Costs Amid Trump Pressure

Federal Reserve Chair Jerome Powell on Thursday responded to pointed accusations from OMB Director Russell Vought over the Fed’s over-budget headquarters renovation, according to CNBC. Powell emphasized transparency and directed critics to a new webpage about the project. He denied Vought’s claims of luxury amenities like private elevators and rooftop gardens, but avoided addressing Vought’s broader criticism that he mismanaged the central bank and misled Congress. The White House has ramped up pressure on Powell amid Trump’s frustration over high interest rates, with Vought calling the renovation an “ostentatious overhaul.”