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Powell rejects several media claims on Fed renovation as senators press for detailed accounting of $2.5 billion cost overrun
Summary
Senators pressed Chair Jerome H. Powell about a multi‑billion dollar renovation of the Fed's historic headquarters. Powell disputed several media characterizations of the plans and said the Fed will provide a detailed response to the committee’s letter about cost drivers and changes in the plans.
Senators on the Banking Committee asked Federal Reserve Chair Jerome H. Powell to explain a reported multi‑billion dollar increase in renovation costs for the Fed’s Washington offices and to provide documentation of what has driven the increase.
At the hearing, senators cited media reports and National Capital Planning Commission materials that listed rooftop terraces, ornate water features, white marble finishes and elevators described in some press accounts as delivering members to ‘‘VIP dining’’ areas.…
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