Powell defends $2.5 billion Fed renovation in a point-by-point response to the Trump administration - CNN

Federal Reserve Chair Jerome Powell responded by missive Thursday to a elder Trump medication authoritative who accused the caput of the cardinal slope of mismanaging an “ostentatious overhaul” of its Washington, DC, headquarters. Russell Vought, manager of the Office of Management and Budget, suggested successful a societal media station past week that Powell had breached the instrumentality by failing to comply with authorities oversight regulations related to the Fed’s ongoing $2.5 cardinal renovation, which includes the historical marble Marriner S. Eccles Building connected the National Mall. “The President is highly troubled by your absorption of the Federal Reserve System,” Vought wrote successful the missive helium posted to societal media past Thursday. “Instead of attempting to close the Fed’s fiscal ship, you person plowed up with an ostentatious overhaul of your Washington D.C. headquarters.” Powell said successful his effect precocious Thursday that the renovation and its financing person ever had cautious oversight from the cardinal bank’s committee and its ain watchdog. He added that the Fed is “not mostly taxable to the direction” of the National Capital Planning Commission, a assemblage that oversees operation projects for the national government. Powell said the Fed voluntarily opted to collaborate with the NCPC. CNN analogous Brian Todd reports, and Fredricka Whitfield speaks with Bloomberg's Amara Omeokwe. #CNN #News