Federal Reserve Chairman Jerome Powell is pushing back on the Trump administration saying the central bank has spent too much on renovation its headquarters.
Powell sent a letter Thursday to Powell sent a letter to Office of Management and Budget Director Russ Vought in response to OMB director’s letter last week criticizing the chairman’s management of the $2.5 billion renovation, which is $700 million over budget, CNN reported.
Vought argues Powell approved extravagant features including “rooftop terrace gardens, VIP private dining rooms and elevators, water features, premium marble.”
He also said the project is further evidence of an ongoing pattern of fiscal mismanagement at the bank.
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Author: Faith Novak
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