๐๏ธ Powell addresses $2.5B Fed HQ Renovation
โข In June 2025, Fed Chair Jerome Powell testified before the Senate Banking Committee on the $2.5B headquarters upgrade, later detailing it further in July responses and a Trump tour.
โข Costs escalated from initial estimates due to asbestos/lead removal, safety upgrades, inflation, materials, labor, and bringing century-old buildings to modern standards.
โข DOJ launched a criminal probe in early 2026, issuing subpoenas amid claims of misleading Congress and intense political pressure.
๐ก Powell insists the renovation is essential for safety, accessibility, and long-term efficiency in the historic 1930s buildings, denying luxury add-ons.
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