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Trump administration live updates: President diagnosed with ‘benign’ vein condition, White House says [1]

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Date: 2025-07

Federal Reserve Chair Jerome Powell responded to a letter from Office of Management and Budget Director Russell Vought after Vought raised concerns about the increasing cost of an ongoing renovation to the central bank's headquarters.

Vought has argued that the growing cost of the renovation, currently pegged at $2.5 billion, required additional approval from the National Capital Planning Commission, a federal planning agency. Trump, who has talked about potentially firing Powell, has suggested without evidence that the billion-dollar price tag for the project could be fraudulent.

In his letter today, Powell noted that the renovation had been subject to budget approval and had been overseen in part by an independent inspector general who has not identified any fraudulent spending. He added that the project is "large in scope" because it involves renovating two historic buildings and that the "small number of design changes" that had been made to the renovation since the government planning agency approved it did not warrant further review, according to National Capital Planning Commission guidance.

“Guidance from the NCPC states that agencies should submit revised project information for approved projects only if substantial changes are made in either the design or plan of the project after NCPC review. The Board does not regard any of these changes as warranting further review," Powell wrote.

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[1] Url: https://www.nbcnews.com/politics/trump-administration/live-blog/trump-bove-epstein-powell-npr-pbs-congress-iran-tariffs-live-updates-rcna218569

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