The Big Money Show speaks as the Host Federal Reserveing of Mandri Policy and Fate of Jerom Paovells Roll of Fed Chair.
Federal reserve chair Zerome poly The Inspector General of the Central Bank has asked to review the renewal of its historic headquarters in Washington, which Trump officials have seized as a new way to criticize the operation of the fed amidst a push to force Powell’s resignation.
In the weekend, Powell allegedly asked federal Reserve To review the project, Inspector General Michael Horovitz-which is surrounded by the cost increase compared to the pre-proclamation cost estimate of which renewal. The news was first reported by Exios, while Reuters cited a source familiar with the request in a later report.
Powell’s request follows a letter from Russell Wout, Director of Office of Management and Budget (OMB) last week, criticized the project’s $ 2.5 billion tags, which was above $ 1.9 billion before the epidemic.
Watt wrote that President Donald Trump, who has repeatedly called on Powell to cut interest rates and threatened to try to set them on fire, is “extremely upset” by the renewal project. Other Trump colleagues, including FHFA Director Bill Palt, suggested that the cost of the project was justified by the end of the Powell “as the federal law prevents the end of the President for other reasons.
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Fed Chair Jerome Powell requested the Inspector General of the Central Bank to review the renewal project. (Anna Moneymaker / Getty Image / Getty Images)
Powell has said that he intends to serve the remaining part of his tenure as a chair and depends on the central bank. Economic dataNot political views, but in making your monetary policy decisions.
Federal Reserve posted a FAQ about the renewal of Marriner S. ECCLES Building and 1951 Constitution Avenue Building, stating that the project has to preserve two historical buildings, which have not been upgraded since then Construction in 1930s,
Renewation involves removal Asbestos and lead contaminationAncient electricity, plumbing, HVAC, fire detection and replacement of suppression systems; And changes to follow safety and building code.
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Renewal of years of fed facilities, in which Marinner S. The Excel Federal Reserve Building is included, experienced the cost overran. (Tinge Shane / Bloomberg Getty Image / Getty Image)
Fed has written that the cost has increased as a result of various factors, which resulted in the change in original building designs resulting from consultation with review agencies; difference over time between original estimates and actual costs of materials, equipment and labor; and unexpected situations (eg, exhausted, toxic crisis, and more asbestoses than a high-stagnant water table).
Additionally, Fed’s document addressed some claims asked in his letter. It has been mentioned that there is no new VIP dining room or VIP lift, although the original lift is being rehabilitated, which is being made more accessible to people with disabilities.
While early designs included the characteristics of new water in the Constitution Avenue, which have been abolished, and only the original fountains are being restored in the ECCLES building.
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Powell has faced pressure from the Trump administration to cut interest rates, which has been complicated by criticism of the renewal project. (Craig Hudson / Reuters / Reuters)
The document also mentions that the “Garden Terrace” presented to the National Capital Planning Commission in 2021 was the roof of the underground parking structure that is located under the front lawn of the Constitution Avenue facility.
Other “vegetative roofs” or green roofs are used to manage storm water runoff and improve building efficiency including others Federal government Buildings with encouragement of general service administration.
Fed mentioned that it returned or eliminated some characteristics on buildings, including roof locations and new water features, as the project proceeded. It also canceled a separate planned renewal of its New York Avenue Building in 2024, which was due to the high-to-intake construction costs.
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Additionally, Fed noted that its boards of governors are responsible for monitoring the project as it was first approved in 2017 and also looked after by the office of Inspector General (OIG) of the Board, which audited the project in 2021.
Reuters contributed to this report.
