Omb director Russ Vought Expansion Procks Procks about the expensive renovations of the FED about ‘Kudlow’.
The Federal Reserve responded on Thursday to the Trump government examination for cost overruns in the renovations of the central bank of her Washington, DC, head office in the midst of its efforts to put pressure on the filled interest rates.
The renovations of the FED of his head office, the building of Marriner S. Eccles and another building in the capital of the country have experienced cost overruns, which pushed the estimated costs of approximately $ 1.9 billion before the COVID Pandemie to $ 2.5 billion.
Trump allies have used the over-budget renovation project to open a new front in an attempt to put pressure on the Federal Reserve chairman Jerome Powell to lower the interest rates. Last week director of Office of Management and Budget (OMB) Russell Vought sent a letter to Powell with the question of his testimony and compliance with design elements that have been submitted to the National Capital Planning Commission (NCPC). It is also driven as a pretext to dismiss Powell for ’cause’.
Powell responded on Thursday and noticed that the FED set up a public website that outlined the project, including its goals, cost factors and specific functions. That followed on Powell’s testimony for the Senate banking committee last month, which critics suggested, was misleading.
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The renovation of the Marriner S. Eccles Federal Reserve Building has created controversy in the midst of the pressure campaign of the Trump administration about the interest rate policy of the FED. (Samuel Corum / Bloomberg via Getty Images / Getty images)
The chairman noted that the FED board of directors supervised the project, while the independent inspector general of the Central Bank checked it in 2021. He also asked the IG to carry out a new assessment of the project this week.
“The project applies large because it includes the renovation of two historic buildings in the National Mall that were first built in the 1930s,” Powell explained. “Both buildings needed significant structural repairs and other updates to make the buildings safe, healthy and effective places to work, including the removal of asbestos and lead pollution, complete replacement of outdated systems such as electric, sanitary facilities, heating, ventilation and air conditioning, as well as fire detection and suppressing systems.”
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The Fed renovates the Marriner S. Eccles Federal Reserve Building and a building on Constitution Avenue. (Al Drago / Bloomberg via Getty Images / Getty images)
According to the federal law, the Central Bank was given authority over its buildings and their renovations, and Powell explained that the FED “Voluntary Designs for the project and NCPC approval for designs in both 2020 and 2021.”
“Although the board is generally not subject to the direction of NCPC with regard to the construction projects, we have volunteered with the NCPC and we have benefited from robust and cooperation involvement at the committee in earlier phases of the project,” he wrote.
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The renovation project of the FED was initially approved in 2017, but the costs have risen considerably since the pandemic. (Michael M. Santiago / Getty Images / Getty images)
Powell also answered specific questions asked by Vought in his letter, some of which were treated on the project information page that the FED posted on its website.
He noted that, on the Constitution Avenue building of 1951, the front lawn at the ground level is the roof of the underground parking garage, which was referred to as a “garden terrace” in one of the plans submitted in 2021 in 2021. Other reference to “Vegetated Roofwood Growing and the green roofing roofs are used and the green roofing roofs are used and the green roofing roofing roofs and the green roofing roofing roofs and the roofing roofing roofing roofs. of the building and increasing the construction of the building and increasing the construction of the building and increasing the construction of the construction of the federal buildings.
The Board of Directors of the FED and its independent inspector general supervise the renovations. (Samuel Corum / Bloomberg via Getty Images / Getty images)
Powell said that “no VIP-Eetkamers are being built as part of the project” and that the ECCLES building “Historical Rooms with several Use has on the 4th floor that are used as meeting rooms and for meal meetings” that are “renovated and stored”.
Vough’s letter also inquired about VIP lifts, and Powell replied that “no special, private or VIP lifts were built as part of the project.”
The letter from Powell noted that the renovations saved the original marble to reinstall and use the domestic marble to replace it if necessary. (Michael M. Santiago / Getty Images / Getty images)
The chairman explained that both buildings were originally built with marble in their facades and stonework. The renovations save the original marble that must be reinstalled and will use domestic marble from Georgia in areas where the original was damaged or necessary to meet historical guidelines for conservation.
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Moreover, Powell noted that although the first designs contain new water features in the Constitution Avenue building, which have been eliminated, while original fountains in the ECCLES building are being restored.
