Why the Fed’s Renovation Project Costs $2.5 Billion: QuickTake

For months, the renovation of the Federal Reserve’s headquarters in Washington has been a subject of friction between the White House and the central bank. On Jan. 11, Fed Chair Jerome Powell said the Justice Department had issued subpoenas in advance of a possible criminal indictment related to the ongoing work.

The cost of the work has ballooned to $2.5 billion, and allies of President Donald Trump have previously pressed for aninvestigation. Powell described the DOJ inquiry as a pressure campaign led by the White House.

Any evidence of mismanagement or fraud, as Trump administration officials ...