💨 Abstract

Federal Reserve Chairman Jerome Powell is facing scrutiny over the cost of renovating the central bank's office buildings in Washington, which has reached about $2.5 billion, exceeding initial estimates by $700 million. President Donald Trump's administration has criticized the expense, calling the renovations "ostentatious," and questioning Powell's management. Powell has disputed criticisms of lavish features, attributing higher costs to rising construction expenses and unforeseen issues like asbestos.

Courtesy: WTOP Staff