Powell Calls for Federal Reserve Inspector General to Review Fed Headquarters Renovation Project

According to a report by Jinse Finance, citing CCTV News, as officials from the Trump administration intensify their criticism of the Federal Reserve's operations, Fed Chair Jerome Powell has requested that the Inspector General of the U.S. central bank review the costs involved in the renovation of the Fed’s headquarters building. A source familiar with the matter revealed that this request was made to Fed Inspector General Michael Horowitz over the weekend. Previously, White House Office of Management and Budget Director Russell Vought sent a letter to Powell last week, stating that Trump is “extremely concerned” about the cost overruns of this $2.5 billion project. The Federal Reserve, in materials published on its website, described the challenges involved in the comprehensive restoration of the Marriner Eccles Building and its adjacent properties.