Federal Reserve Chair Jerome Powell has formally responded to accusations from the White House regarding the $2.5 billion renovation of the Fed’s headquarters, clarifying the project’s goals and dismissing claims of luxury spending.
Powell emphasized the need for modern infrastructure and safety improvements, stating that the updates are necessary for essential operations, while denying allegations of excessive luxury features like private elevators.
The criticisms from Trump allies signify increasing political scrutiny over Powell’s leadership, as they question the Fed’s direction and financial decisions amidst ongoing economic challenges.
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