WASHINGTON (AP) — Federal Reserve Chair Jerome Powell is asking an inspector general to review the cost of the central bank’s building renovations that White House officials have attacked as “ostentatious.” The Fed has been renovating two of its office buildings in Washington for several years at a current cost estimate of about $2.5 billion, $700 million more than originally expected. Trump administration officials have seized on the expense and some alleged amenities in the remodeled buildings to extend their criticism of Powell, whom the president has attacked for not reducing the Fed’s short-term rate.
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