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

This article by CNN details a response from Federal Reserve Chair Jerome Powell to accusations of misconduct regarding the renovation of the Fed's Washington, DC headquarters. Russell Vought, from the Trump administration, criticized the renovation's oversight and costs. Powell reiterated the project's careful management and explained cost changes due to essential structural updates.

• Jerome Powell addressed criticisms from Russell Vought about the Fed's renovation project.
• Powell emphasized the project's oversight and justified the cost increases.
• Renovation required significant repairs, including removing hazardous materials and updating systems.
• Cost increases partly arise from higher raw material and labor expenses.