Powell addresses Trump admin concerns over Federal Reserve renovation costs

On Thursday, the Federal Reserve responded to the Trump administration in costs in the central bank renovations in Washington, DC, which is based in its efforts to pressure the Federal Reserve in reducing interest rates.

The Federal Reserve Renewal of its headquarters and Mariner S. Eclis, and another building in the country’s capital, costs, which paid the estimated cost of about $ 1.9 billion before the roaming epidemic to $ 2.5 billion.

Trump’s allies have used a budget renewal project to open a new front in an attempt to pressure the Federal Reserve Chairman Jerome Powell to reduce interest rates. Last week, the director of the Administration and Budget Office (OMB) sent a letter to Powell asking about his testimony and compliance with the design elements with plans submitted to the National Capital Planning Committee (NCPC). It was also put as an excuse to launch Powell for the “reason.”

Powell reported on Thursday, noting that the Federal Reserve established a public site that defines the project, including its goals, cost drivers and specified features. Powell’s certificate was followed by the Senate Banking Committee last month, which critics suggested to be misleading.

Trump is pressuring the official official on the project to renew the headquarters of the Federal Reserve

The President indicated that the Council of Governor at the Federal Reserve Bank supervised the project, while the independent inspector of the Central Bank reviewed it in 2021. Ig also asked IG a new review of the project this week.

“The project is large in its scope because it involves the renewal of two historical buildings in the National Commercial Center, which was created for the first time in the 1930s,” Powell explained. “Both buildings needed significant structural reforms and other updates to make buildings safe, healthy and effective places, including asbestos removal and lead pollution, complete replacement of old systems such as electricity, plumbing, heating, ventilation and air conditioning systems, as well as fire detection and fire detection systems.”

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The Federal Reserve renews the Marriner S. Eccles Federral Reserve and a building on Al -Dustour Street. (Al Drao / Bloomberg via Getty Images / Getty Images)

Under Federal law, the Central Bank was granted authority over its buildings and renovations, and Powell explained that the Federal Reserve “was voluntarily submitted to the project and requested and received NCPC approval to designs in both 2020 and 2021.”

“Although the Board of Directors is generally not subject to NCPC directives regarding construction projects, we voluntarily cooperated with NCPC and we have benefited from a strong and cooperative connection with the committee in the early stages of the project.”

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The Federal Reserve Renewal project was initially approved in 2017, but the costs increased significantly since the epidemic. (Michael M. Santiago / Getty Images / Getty Images)

Powell also took specific questions that he raised in his message, some of which were taken on the project information page published by the Federal Reserve on its website.

He pointed out that in the building of Al -Dustour Street in 1951, the front grass at the ground level is the ceiling of the underground car garage, which is referred to as the “garden balcony” in one of the plans submitted in 2021. Other references indicate the “vegetable surfaces” to instructions in greenery management.

The Board of Governors at the Federal Reserve and an independent general inspector oversees the renovations. (Samuel Corome / Bloomberg via Getti Embron / Tire)

Powell said that “there are no dining rooms for the dignitaries that are built as part of the project,” and that the Eccles building contains “historical multi -use rooms on the fourth floor that are used as conference rooms and to get the time of meals” renewed and preserved. “

Vaght letter also inquired about VIP elevators, and Powell replied that “there are no private, private, or dignitaries being built as part of the project.”

Powell’s message indicated that the renovations rescued the original marble to reinstall and will use local marble to replace it as needed. (Michael M. Santiago / Getty Images / Getty Images)

The president explained that both buildings were originally built with marble in their facades and stone actions. The renovations rescued the original marble that will be reinstallable and will use local marble from Georgia in the areas where the origin is affected or necessary to comply with historical conservation guidelines.

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In addition, Powell pointed out that although the initial designs included new water features in the building of Al -Dustour Street, they were eliminated, while the original fountains are restored in the Eccles building.