Powell Letter Addresses White House Criticism of Fed Renovations

Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.

“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 the letter addressed to Russ Vought, director of the White House Office of Management and Budget.

Powell’s letter, which largely repeated information available on a new “Frequently Asked Questions” page on the Fed’s website about the construction project, was in ...