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| Trump threatens Fed chair with criminal investigation over $2.5bn renovation Jerome Powell, chair of the Board of Governors of the Federal Reserve – the body that sets interest rates in the US – has said the Fed had been served with grand jury subpoenas on Friday threatening a criminal indictment related to his testimony before the Senate Banking Committee last June. In that hearing, Powell answered questions about an ongoing $2.5bn project, dating back to 2017, to renovate two historic Federal Reserve office buildings. The project is reported to be around $700m over budget, which the Trump administration has used to criticise Powell, whom the president wants to replace. "This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation," Powell said. The large office buildings in Washington, DC – the Marriner S. Eccles Building and the 1951 Constitution Avenue Building – were both built in the 1930s and have had no major refurbishment since. The comprehensive overhaul involves removing asbestos and lead contamination; replacing old electrical, plumbing, heating, ventilation, air conditioning, and fire safety systems; and major structural work to bring the buildings up to modern code, including current accessibility, security, and safety standards. In response to the Trump administration's criticisms, the Fed published a fact sheet about the projects on its website. write your comments about the article :: © 2026 Construction News :: home page |