Federal Reserve System Dispute: Geom Powell denied extraordinary expenses; Refuts claims

Federal Reserve Chairman Jerome Powell sent a letter to the budget director of the White House Ras Wout on Thursday, responding to the allegations that he misbehaved for the renewal of the Federal Reserve Board Eclass Building and the 1951 Constitution Avenue Facility.This letter comes in the midst of increasing speculation that the Trump administration may try to remove Powell, using the renewal issue as a possible justification.Last week, Watt alleged that renewal included extraordinary features such as roof gardens, luxury lifts, fountains and premium marble. In a letter, he said that the project was under investigation and criticized its rising cost.“As stated on the public website of the board, we take the responsibility of being good steovers of public resources as we fulfill the duties given by the Congress to us on behalf of the American people,” Powell wrote in his letter. While rejecting the claim strongly, he clarified the facts.He explained that there are no roof gardens. The term “garden terrace” appeared in a planning document, but it only refers to a standard green roof that is designed to manage the water of the storm and improve energy efficiency.Powell wrote, “No VIP dining room is being constructed as part of the project.” The existing conference chambers that are used during meals are simply being rebuilt.Powell wrote that Federal Reserve buildings were originally built using marble for fake and stonework. ” He reported that the renovation project has saved the original exterior marble to re -establish it and will use new marble from Georgia where the original is damaged or requires replacement to meet historical conservation standards.He also said that no special or VIP lift is being installed. Powell has written that although the original design of the board included new water features for the 1951 Constitution Avenue Building, those plans have been removed. He said that the original fountains are being restored in the Eccles Building.Powell sent his letter to the social media platform X after the official “Rapid Response” account of the White House, which shared the video stating the Fox business that it was investigating the expensive renewal of the Federal Reserve Headquarters. The project has been mentioned by President Donald Trump as a possible cause for “causes” Powell on fire.Watt told Fox Business Host Larry Kudlo, who during his first term served as the advisor to President Trump, that the President is a builder and finds how expensive the building project has become and how expensive the budget has become. He said that he will seek as much information as he was reported by The Guardian, as much as he can gather.Earlier on the same day, representatives French Hill, a Republican of Arkansas, who headed by the House Financial Services Committee, tried to reduce speculation about Powell’s possible dismissal. Asked by CBS News, whether there was a landscape in which the President could or can fire the fed chair, Hill replied, “He is not going to fire J Powell, and I am not sure that he can set J Powell on fire.”Despite these assurances, stress remains. While the hill and other Republican are trying to reduce concerns that the President can trigger financial instability by removing the chairman of the US Central Bank, some other people in Watt and White House are taking steps to pressurize the pole, probably in the hope that he will opt for resignation.On Tuesday, Trump suggested that Powell could be dismissed more than the $ 2.5 billion renovation scheme for the Central Bank headquarters. However, on Wednesday, speaking to reporters at the Oval office, Trump reduced the possibility, although he did not rule it completely. Asked if he has decided against firing Powell, he said he never does anything, but called it “extremely unlikely”. He said that the only exception to “would have to leave for fraud.,