Edeter Reserve Jerome Powell is reportedly under fire after denied that overwork of $ 2.5 billion in the Washington Fed includes rich upgrades – Klaema, which seems to be in conflict with the Fed’s own planning documents. Critics accused Powell of the misleading congress and some call him to be convicted.
During the hearing of the Senate Banking Committee last week Powell rejected the April New York Post report, which describes the renovation as inflated and extravagant.
“There is no VIP dining room, there is no new marble. There are no special elevators,” Powell showed as part of the interrogation. “There are no new properties of water, there are no hives, and there are no roof terraces.”
Tim Scott (RS.C.) compared the project to the “Versailles Palace”, according to the news report.
Fed documents tell a different story
Powell’s refusal seemed to contradict the official submission of the submitted Commission for National Capital Planning in 2021 and never revised since.
According to the publication, the documents state: “Private canteens at level 4 (Eccles Fed buildings) will be restored.”
“The private elevator of the governors will be extended to be released at the dining room level.”
They also refer to “vegetated roof terraces”, which were supposed to attract “urban wildlife and pollinators”, plus plans for new marble and water elements.
Experts and senators urge censorship, readiness of slam powell
Andrew T. Levin, professor of economics Dartmouth College, who previously worked as an economist and advisor to the Fed for two decades, said Congress should act.
“The Supreme Fed official cannot be done under congressful hearing,” Levin The News Outlet said. “Such statements must be corrected immediately and, in serious cases, are subject to the Senate of the Senate.”
Tim Scott (RS.C.), who presided over the committee, compared the renovation to the “Versailles Palace” and called it a “luxury upgrade” inappropriate for the government institution.
Cynthia Lummis (R-Wyo.), Member of the Committee, said Powell’s testimony was inaccurate and unprepared.
“The Committee has made a number of inaccurate statements concerning the plush private canteen and lift of the Fed, skylights, water functions and roof terraces,” Lummis said in a statement report report.
“This is typical of bad driving and” don’t bother me “the attitude that Powell’s chair has always shown.”
Overrun
It is originally assumed that the Renovation price sign will cost $ 1.9 billion, recorded 30% to $ 2.5 billion.
Powell seemed to have cleared concerns about taxpayers’ money and simply said: “Cost exceeding is what they are.”
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