After months of President Donald Trump criticizing Federal Reserve Chairman Jerome Powell for his refusal to lower the benchmark borrowing rate, the latest flashpoint to emerge in the White House’s campaign against Powell is a years long renovation of the Fed’s headquarters in Washington D.C.
The renovation costs will exceed $2 billion, in part due to asbestos and lead contamination discovered during the initial stages. The renovated buildings will also include blast-proof glass on the windows, according to a Fed official who briefed reporters during a tour earlier Thursday.
The historic buildings are expected to be renovated by 2027, with staff moving back into their offices the following year.
Since the Trump administration first seized on the project’s cost overruns earlier this spring as an avenue to criticize Powell, the Fed has created a public website on the project.
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