The House Financial Services Committee is preparing to launch an inquiry into the renovations at the Federal Reserve headquarters, which have ballooned from $1.9 billion to $2.5 billion.
Rep. Dan Meuser, R-Pa., who chairs the Financial Services Subcommittee on Oversight and Investigations, told Punchbowl News on Wednesday night that he was preparing a letter for the Federal Reserve that will ask for “added information” about the renovations.
Financial Services Committee spokesperson Brooke Nethercott confirmed to Newsmax that Meuser sent the letter. “The Committee is committed to getting answers to better understanding the Federal Reserve’s building renovations,” she said.
The Fed has been renovating its 90-year-old Washington, D.C., headquarters and a neighboring building, with the estimated cost soaring to about $2.5 billion.
President Donald Trump, who has been at odds with Federal Reserve Chair Jerome Powell over the central bank’s unwillingness to cut interest rates, was set to tour the headquarters Thursday with White House officials.
The renovations reportedly include rooftop terrace gardens, VIP dining rooms and elevators, water features, and premium marble. Powell, testifying in front of the Senate Banking Committee on June 25, denied the opulent additions were part of the project and that he did not get the plans approved by the National Capitol Planning Commission.
Office of Management and Budget Director Russell Vought sent a letter to Powell last week accusing him of having “grossly mismanaged the Fed.”
“Your [Senate] testimony raises serious questions about the project’s compliance with the National Capital Planning Act, which requires projects like the Fed headquarters renovation be approved by the National Capital Planning Commission,” Vought wrote. “Although minor deviations from approved plans may be inevitable, your testimony appears to reveal that the project is out of compliance with the approved plan with regard to major design elements.”
“This would bring the project outside of the NCPC’s approval and thus in violation of the NCPA and require the Fed to immediately halt construction and obtain a new approval from the NCPC before proceeding any further.”
Newsmax reached out to the Federal Reserve for comment.
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