OMB Director RussS saw unpack concerns over mere renewal of Fed on ‘Kudlo’.
federal Reserve The Trump administration on Thursday responded to the investigation of the cost overran in the renewal of Washington, DC Central Bank, the headquarters amidst its efforts to pressurize the Fed to reduce the interest rates.
Renewing the fed of his headquarters, Marinner S. Excel building, and another building in the country’s capital has experienced cost overran, which has increased the estimated cost from about $ 1.9 billion to $ 2.5 billion before the Kovid epidemic.
Trump colleagues have used the over-budget renewal project to open a new front in an attempt to pressurize the Federal Reserve Chair. Zerome poly To cut interest rates. Last week, Russell Watt, director of the Office of Management and Budget (OMB), sent a letter to Powell, in which his testimony and compliance of design elements with plans presented to the National Capital Planning Commission (NCPC). It also floats Powell as an excuse of fire for “cause”.
Powell replied on Thursday, Fed established a public website underlining the project, including its goals, cost drivers and specific features. After Powell’s testimony before the Senate Banking Committee last month, the critics suggested that it was misleading.
Trump Administrator presses Powell on the official Fed’s expensive headquarters renewal project
The renewal of Marriner S. Eccles Federal Reserve Building has created a controversy amid the pressure campaign of the Trump administration on the interest rate policy of FED. (Through Samuel Korum / Bloomberg Getty Image / Getty Image)
The chairman said that the Board of Governors of Fed have oversee the project, while the Central Bank’s independent Inspector General It was audited in 2021. He also asked the IG to make a new review of the project this week.
“The project is large in great scope as it includes renewal of two historical buildings on the national mall that were first built in the 1930s,” Powell explained. “Both buildings required significant structural repairs and other updates, which were needed to remove the buildings safe, healthy and effective places. Asbestos and lead Complete replacement of archaic systems such as contamination, electrical, plumbing, heating, ventilation and air conditioning, as well as fire and repression systems. ,
Powell Trump asks for review of IG after renewal of the expensive building of Fede Fede
Fed Marinner S. Excel Federal Reserve Building and Constitution are renewing a building on Avenue. (Al Drago / Bloomberg Getty Image / Getty Image)
Under the federal law, the Central Bank was empowered over its buildings and their renewal, and Powell reported that Fed “voluntarily designed for the project and sought and received NCPC approval for designs in both 2020 and 2021.”
He said, “Although the board is not generally under the direction of NCPC regarding its construction projects, we voluntarily collaborated with NCPC and benefited from strong and collaborative association with the Commission in the first stages of the project,” he wrote.
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The renovation project of the Fed was initially approved in 2017, but the cost has increased considerably since the epidemic. (Michael M. Santiago / Getty Images / Getty Images)
Powell in his letter also addressed the specific questions raised by Vought, some of which were addressed on the Project Information page which Fed posted on his website.
He said that, in the 1951 Constitution Avenue Building, the Ground-Level Front Lawn is the roof of the underground parking garage, which was referred to as a “garden roof” in one of the schemes presented in 2021. Other contexts of “vegetative roofs” mentions green roofs that have been used for managing the store runoff.
The Board of Governors of the Fed and his independent Inspector General have monitored renewal. (Through Samuel Korum / Bloomberg Getty Image / Getty Image)
Powell said that “no VIP is built as part of the dining room project” and that Malay “There are historical multi-use rooms on the 4th floor that are used as conference rooms and for food meetings” which are “rebuilt and preserved”.
The V bught’s letter also inquired about the VIP lift, and Powell replied that “the project is not being manufactured as part,” there are no special, private or VIP lifts. ,
Powell’s letter mentions that renewal saved the original marble to restore and domestic marble would be used to replace it as required. (Michael M. Santiago / Getty Images / Getty Images)
The chairman explained that both buildings were originally built with marble in their aspects and stone work. The renewal saved the original marble to re -establish and domestic marble from Georgia would be used in areas where the original was damaged or required to follow the historical conservation guidelines.
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Additionally, Powell said that while early designs included the characteristics of new water in the Constitution Avenue Building, which have been abolished, while the original fountains are being restored in the ECCLES building.
