We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017,” the Federal Reserve chairman said.

Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.

Fed Chair Jerome Powell is under fire from the White House, which accuses him of bungling a renovation of the Fed's HQ and has suggested it could be cause to fire him.