The Federal Reserve's office renovation in Washington, D.C., has seen costs rise from $1.9 billion to $2.5 billion, drawing criticism from the Trump administration. Officials express concern over the project's expense, with remarks such as its classification as D.C.'s most costly project. Fed chairman Jerome Powell addresses claims of luxury upgrades as exaggerated. He states that much of the old materials are being reused and dismisses the idea of extravagant additions. The Fed attributes cost overruns to unexpected challenges and inflation affecting building costs across the nation.
The bottom line is that this is the most expensive project in D.C. history, so the Fed has a lot to answer for.
It sends the wrong message to spend public money on luxury upgrades that feel more like they belong in the Palace of Versailles than a public institution.
There's no new marble. We took down the old marble. We're putting it back up.
The Fed says what's driving the cost overruns are unexpected developments like excess lead and asbestos, as well as inflation.
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