Jerome Powell, the chair of the Federal Reserve, has called on the bank's inspector general to investigate renovations at the group's headquarters, Politico reported.
At a Senate Banking Committee hearing last month, Powell denied reports that the Federal Reserve spent billions to turn the headquarters into the "palace of Versailles," as Sen. Tim Scott, R-S.C., described it.
"There's no VIP dining room; there's no new marble. There are no special elevators," Powell said. "There are no new water features, there's no beehives, and there's no roof terrace gardens."
The cost for the renovations has already ballooned 30% from an original estimate of $1.9 billion, the New York Post reported.
In a Truth Social post, President Donald Trump said Powell should resign immediately and linked to a Bloomberg story headlined, "Fed Chair Should Be Investigated by Congress, FHSA Head Says."
Powell has told Michael Horowitz, the inspector general of the Federal Reserve, to look into the project's cost and any other aspect he deems appropriate, according to Politico. Horowitz previously served as inspector general of the Justice Department.
Trump on Monday continued attacking Powell, saying interest rates should be at 1% or lower.
"We should be at 1%. We should be less than 1%," Trump said.
Trump previously said Powell and the Federal Reserve should be "ashamed of themselves."
"They have one of the easiest, yet most prestigious, jobs in America, and they have failed — and continue to do so," Trump wrote. "If they were doing their job properly, our country would be saving trillions of dollars in interest cost. The board just sits there and watches, so they are equally to blame. We should be paying 1% interest, or better!"
Powell was nominated by Trump to lead the Federal Reserve. His tenure as Fed chair is set to end in May.
Sam Barron ✉
Sam Barron has almost two decades of experience covering a wide range of topics including politics, crime and business.
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