Powell writes to the White House defending the Federal Reserve's $25 billion renovation project.

Financial media app learned that Federal Reserve Chairman Jerome Powell defended the $2.5 billion renovation project of the Federal Reserve headquarters in a letter to the Director of the White House Office of Management and Budget, Russell Vought, on Thursday. Powell stated in the letter: "We are keenly aware of our responsibility to responsibly manage public resources, as we fulfill our duties on behalf of the American people as mandated by Congress."