Federal Reserve chairman responds to White House accusations, denies renovation project as "extravagant waste".

Federal Reserve Chairman Jerome Powell responded to a letter from White House Office of Management and Budget Director Russell Vought on the 17th, stating that the renovation project of the Federal Reserve has been under strict supervision since its approval in 2017, and denying the White House's allegation that the project is "extravagant and wasteful". Powell pointed out in the letter that the large scale of the renovation project is mainly due to the fact that two buildings constructed in the 1930s have been deteriorating for many years and require "significant structural repairs and updates". The Federal Reserve has also disclosed relevant details of the project on its public website. Powell further denied the accusations of luxury renovations, stating that there is no VIP dining room under construction in the project, nor will there be any special, private, or VIP elevators built.