The Federal Reserve's renovation project has faced criticism from the Trump administration, especially as the costs escalated from $1.9 billion in 2017 to $2.5 billion by 2023. Federal Reserve Chair Jerome Powell defended the project, stating that it had not seen a comprehensive renovation since its construction in the 1930s. He noted that cost increases were due to rising raw material prices and labor costs. Design plans have been revised to cut costs, eliminating features like roof terrace gardens and new marble to simplify construction and prevent further delays.
"While periodic work has been done to keep these buildings occupiable, neither building has seen a comprehensive renovation since they were first constructed."
"The Board has made a small number of design changes to scale back or eliminate certain elements and has added no new elements."
"A 2023 Fed budget document attributed the cost to significant increases in raw materials ... higher labor costs, and changes in construction schedule expectations which lengthen use of leased space."
"Roof terrace gardens, water features, and new marble have been scrapped to reduce cost."
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