OMB Powell’s director asks about reforming “Federal Building”

The Trump administration official demands answers from the Federal Reserve Chairman Jerome Powell On the project of renewing the central bank amid the president’s pressure on the President of the Federal Reserve to reduce interest rates.

The Director of the Administration and Budget Office (OMB) sent a message to Powell on Thursday, saying that the president Donald Trump “It is very annoyed by your management of the federal reserve system.”

Vaght wrote that the Federal Reserve “has taken” with a comprehensive reform “from the central bank headquarters and added” cost excesses (about 700 million dollars and count), and called on this project’s plans to surface -to -surface gardens, VIP dining rooms, elevators, water features, and much more. “

He went on to say that the last Powell testimony before Congress “raises serious questions about the project’s compliance with the National Capital Planning Law, which requires approval of projects such as renewing the headquarters of the Federal Reserve by the National Capital Planning Committee.”

Trump is calling for a “terrible” head of the Federal Reserve Council Powell immediately, calling for discounts

“Although simple deviations from the approved plans may be inevitable, your certificate appears to reveal that the project does not comply with the approved plan with regard to the main design elements,” said Vogue. Then ask a series of questions about the state of the federal reserve Renewal plans Regarding that introduction to NCPC and requested a response within seven working days.

In a conversation Senate Banking Committee After listening to monetary policy, the Chairman of the Board of Directors criticized Tim Scott, RS.C, the renewal project, citing the design elements that are the axis of Vought speech, saying in his opening notes for renovations, “She feels that she belongs to the Palace of Versailles more than a public institution.”

Powell was later asked about the project during the session and said that the federal reserve “will provide a more detailed response” and that “we bear seriously our responsibility as money from the public’s money, and the other thing that I will start with is no one wants to do a large renewal of a historic building during his term in the office. It is better to leave that to your successor, and this is a great example why – let alone historical buildings.”

The head of the Federal Reserve Powell says that the American economy is in a “strong situation” where the central bank weighs the timing of price cuts

“I would also say that the media reports that you have reported accurately – they are misleading and inaccurate in many respects,” said Powell. “I would like to point out that there is no dining room for the dignitaries, and there is no new marble – we have dropped the old marble, and we will return it, and we will have to use a new marble as some old marble erupted.”

“There are no special elevators, there are just old elevators that were there. There are no new water features, no beehives, and there are no terrace gardens on the roof,” Powell said. “Every type of inflammatory that the media transmits is not either in the current plan or only inaccurate.”

“Nevertheless, the cost excesses are what they are,” Powell began saying before Scott cut it, citing the five -committee base to interrogate each Senate member. The Senate Banking Committee said that the Federal Reserve is organizing a briefing employees on this issue.

Trump has again and again He threatened to shoot PowellAnd, which he appointed in the role in 2017, on the central bank does not reduce interest rates according to his demands.

However, the Federal Reserve is an independent agency and the president lacks the legal authority to do so except in the case of removing the case. Powell’s critics suggested that the allegations misled by Congress could be Reasons for removal.

Goldman Sachs says that under the independence of the central bank has economic repercussions

Trump was asked this week during the last cabinet meeting, which was open to the press about the allegations that Powell lied to Congress, when Powell called again to step down so that he could replace him with a chair that reduces interest rates.

Trump replied, “Well, he must resign immediately. We must get someone there that will reduce interest rates.” “It’s okay with me, I think it is terrible.”

The renewal of the Federal Reserve of the main major building was estimated at a cost of $ 1.9 billion in 2019, although the estimated cost increased to nearly $ 2.5 billion due to “large increases” in the cost of wood, steel, cement and other building materials for each budget documents Wall Street Magazine He was martyred in the 2023 report on the topic.

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Federal law rules Federal Reserve The central bank system gives the power to build facilities for use, as well as to maintain, enlarge these facilities – and also give FED to the only control of those buildings and space at home.

The financing used in the operations of the Federal Reserve is derived from the benefit generated by the management of the monetary supply, which allows it to self -financing mainly without relying on the annual credits of Congress such as other agencies.