Powell asks Federal Reserve inspectors to review renovation costs
2025-07-14 12:26:36
According to AXIOS, Federal Reserve Chairperson Jerome Powell has asked the Federal Reserve's inspector general to review his $2.50 billion headquarters renovation project - which has become the focus of attacks from the Trump administration, according to a person familiar with the matter. In recent days, Trump has installed cronies on the National Capital Planning Commission (NCPC), which has the authority to oversee federal architectural design matters, and a senior White House official has suggested that the Fed's changes to the building violate relevant laws governing the NCPC. The Federal Reserve's inspector general's office has previously reviewed the long-planned project, but this review is aimed at reassessing it at a time of increased supervision.
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