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Powell’s Testimony on Fed HQ Overhaul Refuted by Planning Files, Fueling Censure Calls

Lawmakers from both parties are demanding stronger oversight of the Fed’s modernization project accompanied by disciplinary action for alleged false testimony

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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