Meanwhile,
Powell responds white house renovation:
The president of the federal reserve. Similarly, Jerome Powell, responded on Thursday to the requirements of a Trump administration official concerning the cost surpassions of a renovation project of the Central Bank headquarters in Washington. Consequently, He stressed that the project was large and required many security upgrades as well as the elimination of dangerous materials.
“As explained on the public council site. For example, we take responsibility for being good public resources in the exercise of the missions that Congress has entrusted us on behalf of the American people,” wrote Powell in a letter addressed to Russell Vought, director of the management and budget office. Moreover, “We have taken great care to guarantee a rigorous supervision of the project since its initial approval by the. However, Council in 2017.”
He said that the project budget is subject to an annual approval powell responds white house renovation from the Fed Council. Nevertheless, that the Fed Inspector General has full access to information on costs and other details.
Last week. However, Vought accused Powell of supervising an “ostentatious” and costly renovation of buildings, demanding from him answers to a series of questions on the project, which became the latest attack on Trump’s White House.
“Dear M. Vought”. wrote Powell in his letter, “the two buildings required important structural repairs and other modernizations to make them safe, healthy and effective work, including the withdrawal of asbestos and lead, the complete replacement of obsolete systems such as electricity, plumbing, heating, ventilation and air conditioning, as well as detection systems and detection systems fire. »»
The project does not include private elevators. dining rooms for VIP, as stated by Vought, or new marble except where the original was damaged “or when necessary to comply with historical preservation directives and respond to powell responds white house renovation concerns raised by external examination agencies,” said Powell.
President Donald Trump. who wishes the departure of Powell from the Fed because he did not obtain the expected interest rate reductions, spoke of the renovation project as a possible reason for revocation of the president of the Fed, suggesting the existence of fraud without however providing evidence.
Parliamentarians
Some Republican elected officials followed suit. representative Anna Paulina Luna announcing Thursday on the X platform that she transmitted the Powell file to the Ministry of Justice for Investigation, while senator Cynthia Lummis called for Powell’s resignation.
However, several other members of the Senate banking committee, which oversees the Fed, have defended Powell and the institution.
“I just think that in the long term. it is really preferable for the economic conditions of our country that the markets understand that the Fed is actually independent,” Republican senator Mike Rounds, a member of the Senate powell responds white house renovation banking committee, told journalists on Thursday.
Vought said that administration officials were trying to go there to inspect the site.
“It is for a large. magnificent mansion for the president of the central bank,” said White House spokesperson Karoline Leavitt, during a press point on Thursday. “It’s totally useless. It is overpriced. and I think it is positive that the administration, under the leadership of the president, is interested in it. »»
Asked about the possibility that the discovery of irregularities during the revision of the project pushes the president to dismiss Powell. Leavitt replied: “Listen, this is a hypothetical question. We will see where it leads. »»
Powell’s letter resumed largely what he had already declared to the members of the Senate banking committee earlier this week. as well as the detailed explanations on the Fed website about the project, contradicting Vought’s assertions that the modifications to the project powell responds white house renovation violated the rules of the National Capital Planning Commission (NCPC) and required its exam.
Powell said the Fed had worked closely with the NCPC. that the changes made were not substantial, therefore not meeting the commission criteria to require additional examination.
Powell responds white house renovation
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