WASHINGTON, July 17 (Xinhua) -- U.S. Federal Reserve Chairman Jerome Powell on Thursday defended the multi-billion-dollar renovation project at its headquarters in Washington, D.C.
In a letter to the White House Office of Management and Budget Director Russell Vought, Powell responded in detail to questions about the extensive renovation of two historic Fed buildings on the National Mall.
Powell has recently come under fire from the White House for allegedly mismanaging the renovation project.
It is reported that the White House could use the renovation project as an excuse to oust Powell, whose stance on monetary policy drew fierce attacks from President Donald Trump and other senior officials in recent months.
Approved in 2017, the renovation project has faced delays, with costs rising from 1.9 billion U.S. dollars to 2.5 billion dollars in recent years.
Built in the 1930s, the marble-featuring Marriner S. Eccles Building and the 1951 Constitution Avenue building were even dubbed the "Taj Mahal on the National Mall" by James Blair, the White House deputy chief of staff and appointee to the National Capital Planning Commission.
Vought sent a letter to Powell on July 10, raising a number of concerns over the renovation project.
Trump reportedly told Republican lawmakers on Tuesday that he intended to fire Powell. However, on Wednesday, he said it was "highly unlikely" he would do so.
"I'd love it if he wants to resign, that would be up to him," said Trump.
A decision from the Supreme Court in May showed that Trump lacks the authority to fire Federal Reserve officials.
Powell said he is sticking to Congressional mandates to the Fed and has no intention of resigning, even if requested.
The erosion of the Fed's independence has been a major concern for market participants and has triggered multiple sell-offs. ■
