Federal Reserve Chair Jerome Powell responded to scrutiny over the central bank’s multi-billion-dollar, multi-year renovation of its Washington, D.C. headquarters, emphasizing that the project is being managed responsibly, with no extravagant features or misuse of public funds.
What Happened: In a letter addressed to the Office of Management and Budget Director Russell Vought, Powell said that the renovation of the Marriner S. Eccles Building and the 1951 Constitution Avenue Building was necessary, given their aging infrastructure, with both buildings built in the 1930s.
“Neither building has seen a comprehensive renovation since they were first constructed,” Powell says, noting that the project addresses “significant structural repairs” and updates “to make the buildings safe, healthy, and effective places to work.”
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