Overview

• Powell testified under oath that there are no VIP dining rooms, marble finishes, special elevators, water features, beehives or roof terrace gardens in the $2.5 billion renovation
• 2021 National Capital Planning Commission filings detail private dining rooms on the fourth floor, vegetated roof terraces, marble accents, water installations and an extended governors’ elevator
• The project’s cost has risen 30 percent from its original $1.9 billion estimate as the Federal Reserve grapples with unprecedented losses
• Senators Cynthia Lummis and Tim Scott accused Powell of providing factually inaccurate statements and likened the upgrades to a “Palace of Versailles,” and economist Andrew T. Levin urged Senate censure
• The Fed reported $114.6 billion in losses in 2023 and $233 billion over three years, intensifying concerns over transparency, fiscal accountability and central bank independence