Federal Reserve quietly responds to Trump administration attacks over renovation

As the Trump administration escalates its criticisms of the Federal Reserve and Chairman Jerome Powell, the cardinal slope is softly pushing backmost with a caller "Frequently Asked Questions" page connected its website defending the cardinal bank's $2.5 cardinal renovation project.

The page, past updated connected Friday, straight responds to immoderate of the administration's criticisms of the project, which came nether onslaught this week from Office of Management and Budget Director Russell Vought.

Vought connected Thursday claimed that Powell "has grossly mismanaged the Fed" and took purpose astatine what helium called "an ostentatious overhaul" of the Fed's renovations.

Vought's criticisms, made via a missive posted connected X, marked an escalation of the Trump administration's ongoing run against Powell. Trump has repeatedly claimed the cardinal slope person is playing authorities by not lowering involvement rates, and has called connected Powell to resign.

The missive — and Vought's Friday pledge to prosecute an probe into the Fed's renovations — suggest that the Trump medication is moving to region Powell earlier his word ends adjacent year.

But Powell has repeatedly resisted Trump's criticisms and repeated attempts to unit him to cut involvement rates, the main sticking constituent successful Trump's attacks.

The Fed's website defending the renovation task is the latest motion that the cardinal slope is gearing up to combat against the Trump administration's newest attacks.

"No caller VIP eating rooms are being constructed arsenic portion of the project," the FAQs leafage connected the website says.

"Eccles has league rooms, which are being renovated and preserved. They are besides utilized for mealtime meetings," the station says of the building.

That enactment appears to beryllium successful nonstop effect to Vought's letter, which claimed that the plans for renovations called "for rooftop terrace gardens, VIP backstage eating rooms and elevators, h2o features, premium marble, and overmuch more."

The FAQ leafage outlines "the main reasons for outgo increases implicit the people of the project," which has been a large enactment of onslaught for Trump allies.

The outgo of the operation is estimated to beryllium astir $700 cardinal implicit budget.

"Various factors person driven outgo increases," the leafage connected the Federal Reserve website says, citing "changes to archetypal gathering designs arsenic a effect of consultation with reappraisal agencies" and "unforeseen conditions," specified arsenic "more asbestos than anticipated."

Taxpayers bash not ft the measure for the outgo of the renovations. The Fed is self-funded done involvement it makes connected securities held by the instauration and done fees charged banks.

Vought connected Friday pledged to prosecute an probe of the renovations, saying connected CNBC, "We privation to marque definite we person facts arsenic to the largesse and the grade to which it's overrun."

Vought's Friday comments are a continuation of his X station the time prior, successful which helium said: "While continuing to tally a shortage since FY23 (the archetypal clip successful the Fed's history), the Fed is mode implicit fund connected the renovation of its headquarters."

The leafage indicates it was past updated connected July 11, but it's unclear erstwhile the leafage was added to the site.