\n \u201cThe President is extremely troubled by your management of the Federal Reserve System,\u201d Vought wrote in the letter he posted to social media<\/a> last Thursday. \u201cInstead of attempting to right the Fed\u2019s fiscal ship, you have plowed ahead with an ostentatious overhaul of your Washington D.C. headquarters.\u201d\n <\/p>\n \n He gave Powell \u201cseven business days\u201d to respond to the July 10 letter.\n <\/p>\n \n Powell said in his response<\/a> late Thursday that the renovation and its financing have always had careful oversight from the central bank\u2019s board and its own watchdog. He added that the Fed is \u201cnot generally subject to the direction\u201d of the National Capital Planning Commission, a body that oversees construction projects for the federal government. Powell said the Fed voluntarily opted to collaborate with the NCPC.\n <\/p>\n \n \u201cWe have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017,\u201d Powell wrote.\n <\/p>\n \n Additionally, Powell said upgrades that were reflected in official planning documents submitted to the NCPC in 2021 were later taken out, but the Fed didn\u2019t need to resubmit paperwork because they weren\u2019t \u201csubstantial.\u201d\n <\/p>\n \n The changes were instead \u201cintended to simplify construction and reduce the likelihood of further delays and cost increases,\u201d Powell wrote. \u201cThe Board does not regard any of these changes as warranting further review.\u201d\n <\/p>\n \n In his letter, Powell noted that both buildings needed \u201csignificant structural repairs and other updates\u2026 including the removal of asbestos and lead contamination, complete replacement of antiquated systems such as electrical, plumbing, heating, ventilation, and air conditioning, as well as fire detection and -2- suppression systems.\u201d\n <\/p>\n \n The letter is similar to a FAQ posted on the Fed\u2019s website last week.\n <\/p>\n \n Vought is one of several officials in the Trump administration to criticize the rising costs of repair and renovation work on two major buildings in the Fed complex, seemingly as a pretext to justify firing the Fed chair.\n <\/p>\n \n Powell, who cannot be removed except \u201cfor cause,\u201d presides over the Fed\u2019s monetary policy committee that has been holding interest rates at current levels all year, contrary to President Donald Trump\u2019s wishes for lower borrowing costs.\n <\/p>\n![\"The](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2025\/07\/gettyimages-2225655775.jpg\")
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