Powell responds to the renovation of the Federal Reserve building

ChainCatcher news, according to relevant media reports, Federal Reserve Chairman Powell responded to the White House budget director regarding the renovation of the Federal Reserve building, stating that the Federal Reserve Board believes transparency is crucial; the review work has been ongoing since 2017, and the project inspector general is also reviewing the building renovation project.

The collaboration with the National Capital Planning Commission has been constructive and robust, which has been voluntarily promoted by the Federal Reserve. The project changes approved by the U.S. National Capital Planning Commission (NCPC) have only involved reductions and simplifications of construction content, without adding any new elements, and do not require further review.

The project is large in scale, involving significant structural repairs, safety system upgrades, and the removal of asbestos and lead contamination.