Federal Reserve Chair Jerome Powell has asked the central bank’s inspector general to conduct a fresh review of the Fed’s building renovation project, according to a letter sent to Senate Banking Chair Tim Scott and Senator Elizabeth Warren, Politico reported Monday.
Powell said the inspector general already has full access to the project’s details and receives monthly updates. However, in response to recent concerns raised by lawmakers, he has requested a new examination of the renovation efforts.
The move comes as the Fed faces scrutiny over the scope and costs of its planned facility upgrades. Powell’s decision to involve the watchdog more directly signals an effort to reinforce transparency and accountability.
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White House senior adviser Kevin Hassett is playing dirty politics in his efforts to take Powell’s job. He is driving the fake news over renovation costing concern.
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