"Renovations began around 2022 on two Federal Reserve offices, the Marriner S. Eccles Building and the Federal Reserve Bank of East Building, which were first assembled in the 1930s, according to plans reviewed by the National Capital Planning Commission in 2021. As workers gutted the aging structures, they uncovered lead paint and asbestos, pushing the cost of the renovations rose from $1.9 billion to $2.5 billion, as Federal Reserve chairman Jerome Powell described in a letter defending the renovation's budget last year."
"President Donald Trump has blamed the overruns on mismanagement and allegations of luxury additions. On Sunday, Kevin Hassett, director of the administration's National Economic Council, told ABC's This Week that the project became "the most expensive project in D.C. history." Later that day, Powell revealed the central bank now faces a potential Department of Justice investigation, and he's facing a potential criminal indictment over the cost increases."
Two Federal Reserve buildings, the Marriner S. Eccles Building and the Federal Reserve Bank of East Building, entered a planned five-year renovation beginning around 2022. The structures were originally assembled in the 1930s and renovation plans were reviewed in 2021. Workers uncovered lead paint and asbestos while gutting the buildings, driving the renovation's cost from $1.9 billion to $2.5 billion and causing delays. President Donald Trump attributed the overruns to mismanagement and alleged luxury additions, while administration officials labeled it extremely costly. Federal Reserve chairman Jerome Powell said the central bank faces a potential DOJ probe and possible criminal indictment related to the cost increases.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]