Republican lawmakers demand Powell provide more information on the Federal Reserve's $2.5 billion headquarters renovation project

According to the Zhitong Finance APP, U.S. Republican Senator Tim Scott has written to Federal Reserve Chairman Jerome Powell, requesting more information about the $2.5 billion renovation project of the Washington headquarters. In his letter, Tim Scott pointed out that after comparing the only publicly available renovation plan with Powell's recent testimony in Congress and the information on the Federal Reserve's official website, he found "significant discrepancies" among the three. The renovation project of the Federal Reserve's Washington headquarters is currently facing increasing external scrutiny — the project's budget has risen from $1.9 billion in 2023 to $2.5 billion in 2025, and it has become a reason for U.S. President Trump and other government officials to pressure Powell to resign. The White House announced on Wednesday evening that Trump would inspect the renovation site on Thursday afternoon. Originally, the visit was arranged for three officials from the executive branch — who had requested an on-site inspection of the renovation, including Russ Vought, the director of the Office of Management and Budget, and Bill Pulte, the director of the Federal Housing Finance Agency. In his letter, Tim Scott posed several questions to Powell, demanding a detailed explanation of the project. Tim Scott stated, "To fulfill your commitment to transparency, please provide responses to the above questions, relevant documents, and information as soon as possible (no later than August 8, 2025)." Some of the questions focus on design elements in a document released by the National Capital Planning Commission (NCPC) in 2021, which is currently the most comprehensive renovation plan document available to the public. Critics argue that some of the designs are overly luxurious. For example, Tim Scott pointed out that the NCPC document mentions establishing a dedicated elevator for Federal Reserve governors, but the agency's official website's "Frequently Asked Questions" page states that "there is no elevator specifically for governors." He further requested an explanation of the "governor elevator's" purpose in the building being renovated. During a Senate hearing on June 25, Powell acknowledged that the project's costs have indeed risen in response to questions from Tim Scott and other Republicans, but he denied media descriptions of the renovation as "luxurious." He also stated that certain projects previously included in the renovation plan have been removed. Tim Scott requested that Powell provide detailed information regarding the additions and deletions to the NCPC plan, including when the changes were made and a breakdown of all project cost overruns. Some Republican critics have focused on Powell's testimony regarding the renovation project, claiming he misled lawmakers while testifying in Congress. Republican Congresswoman Anna Paulina Luna wrote to the Department of Justice on July 19, requesting an investigation and prosecution of Powell for allegedly lying under oath about the project's details. Previously, Pulte had posted similar accusations on social media for several weeks, stating that this matter is sufficient grounds for Powell to be "removed for cause." To address the negative impact of the hearing and the growing public scrutiny, the Federal Reserve added a "Frequently Asked Questions" section to its official website earlier this month, responding to Vought's inquiries about the renovation project. Powell had also previously written to Tim Scott and senior Democratic members of the Banking Committee, including Massachusetts Senator Elizabeth Warren, to provide information about the project Powell wrote in a letter on July 14: "We take our responsibility as stewards of public resources seriously, fulfilling the mission entrusted to us by Congress to serve all the people of the United States." "Since the Board first approved the project in 2017, we have been extremely cautious in overseeing the project."