GOP Senator Demands More Information From Fed Over Renovation

GOP Senator Tim Scott has requested more details from Federal Reserve Chair Jerome Powell regarding the $2.5 billion renovation of the Fed's headquarters in Washington. This comes amidst growing scrutiny over the project. The renovation has drawn attention due to its substantial cost, with Senator Scott seeking greater transparency from the central bank about the expenses and rationale behind the project. The request for additional information adds to the mounting pressure the Fed is facing over the renovation, as lawmakers and the public seek a clearer understanding of how taxpayer funds are being utilized. The Fed's handling of the renovation has become a focal point, with concerns raised about the project's scope and the potential impact on the institution's public perception. Senator Scott's letter to Powell underscores the desire for more accountability and oversight regarding the use of resources by the central bank.