Trump lashes out at Powell, Federal Reserve defends its renovation project

The Federal Reserve took steps on Friday to address accusations from President Trump and his allies that Chairperson Jerome Powell acted improperly in managing the renovation of the central bank's headquarters and then hid plans from Congress. In an update to its website late on Friday, the Fed detailed what it intended to do in support of Mr. Powell's statements to lawmakers. The budget for the renovation, which begins in 2021, has been overrun by $700 million and is expected to total about $2.50 billion. In a "Frequently Asked Questions" published on Friday, the Fed said it took its responsibility to manage public resources very seriously. The project, which will allow the Fed's board of governors to consolidate most of its business functions, will gradually reduce long-term operating costs. The entire project is a systematic renovation and modernization of two historic buildings that have not been fully restored since they were completed in the 1930s, including restoration and renewal of buildings.