Federal Reserve Chair Jerome Powell sent a letter on Thursday to White House Budget Director Russ Vought, responding to allegations that he mismanaged the renovation of the Federal Reserve Board’s Eccles Building and the 1951 Constitution Avenue facility.The letter comes amid growing speculation that the Trump administration may seek to remove Powell, using the renovation issue as a possible justification.Last week, Vaught alleged that the renovation included extravagant features such as rooftop gardens, luxury elevators, fountains and premium marble. In a letter, he said the project was under investigation and criticised its growing cost.“As explained on the Board’s public website, we take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people,” Powell wrote in his letter to Vought. Firmly rejecting the claim, he clarified the facts.He explained that there are no rooftop gardens. The term “garden terrace” appeared in one planning document, but it refers only to a standard green roof designed to manage stormwater and improve energy efficiency.“There are no VIP dining rooms being constructed as part of the project,” Powell wrote. Existing conference rooms some of which are used during meals are simply being renovated.Powell wrote that the Federal Reserve buildings “were originally constructed using marble for the façades and stonework.” He explained that the renovation project has saved the original exterior marble to reinstall it and will use new marble from Georgia in areas where the original is damaged or needs replacement to meet historic preservation standards.He also said that no special or VIP elevators are being installed. Powell wrote that although the Board’s original design included new water features for the 1951 Constitution Avenue building, those plans have been removed. He added that the original fountains at the Eccles Building are being restored.Powell sent his letter after the White House’s official “rapid response” account on social media platform X shared video of Vought telling Fox Business that he is investigating the costly renovation of the Federal Reserve headquarters. The project has also been mentioned by President Donald Trump as a possible reason to fire Powell “for cause”.Vought told Fox Business host Larry Kudlow, who served as an advisor to President Trump during his first term, that the president is a builder and finds it exasperating how expensive the building project has become and how much it has gone over budget. He added that they will seek as much information as they can gather, as reported by the Guardian.Earlier the same day, Representative French Hill, a Republican from Arkansas who chairs the House Financial Services Committee, tried to downplay speculation about Powell’s possible dismissal. When asked by CBS News if there was any scenario in which the president could or should fire the Fed chair, Hill replied, “He’s not gonna fire Jay Powell, and I don’t believe he can fire Jay Powell.”Despite these reassurances, tensions remain. While Hill and other Republicans are trying to ease concerns that the president might trigger financial instability by removing the chairman of the US central bank, Vought and some others in the White House seem to be taking steps to create pressure on Powell possibly in the hope that he will choose to resign.On Tuesday, Trump suggested that Powell could be dismissed over the $2.5 billion renovation plan for the central bank’s headquarters. However, on Wednesday, while speaking to reporters in the Oval Office, Trump downplayed the possibility, though he did not completely rule it out. When asked if he had decided against firing Powell, he said he never rules anything out, but called it “highly unlikely.” He added that the only exception would be “unless he has to leave for fraud.”
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