Trump fiercely criticizes Powell as the Federal Reserve defends its renovation project

Golden Finance reported that the Federal Reserve took measures on Friday to address accusations from President Trump and his allies. These accusations claim that Federal Reserve Chairman Powell engaged in improper behavior while managing the renovation project of the Federal Reserve headquarters, and later concealed relevant plans from Congress. In an update to its website later on Friday, the Federal Reserve elaborated on the content aimed at supporting Powell's statements to lawmakers. The renovation project, which began in 2021, has exceeded the budget by $700 million and is expected to cost around $2.5 billion in total. The Federal Reserve stated in its "Frequently Asked Questions" released on Friday that it attaches great importance to fulfilling its responsibility of managing public resources. This project will enable the Federal Reserve Board of Governors to integrate most of its business functions, gradually reducing long-term operating costs. The entire project is a systematic renovation and modernization upgrade of two historical buildings that have not undergone comprehensive repairs since their construction in the 1930s, including the restoration and updating of the buildings.