The President of the Federal Reserve, Jerome Powell, lies to Congress after he denied that he would renew $ 2.5 billion from the Central Bank headquarters in Washington to download the attachment by luxurious amenities – and some demand his punishment, and he has learned this position.
Powell described the exclusive report of POST in April on the enlarged renewal project-which led Senator Tim Scott (R-SC) to a suspicion to “Versailles Palace” during a barbecue by the Senate Banking Committee last week-“misleading and inaccurate.”
“There is no dining room for dignitaries, there is no new marble. There are no special elevators,” Powell insisted under the interrogation of the strong committee on Wednesday. “There are no new water features, there are no cell cells, and there are no terrace gardens on the roof.”
But Powell – who is facing heat at the same time from President Trump because of his failure to reduce interest rates – is directly contradictory to the project's planning documents, which were signed by the government's government motivation in 2021 – which has not been reviewed since then.
“Special dining rooms will be recovered at the 4 level (from the Iklis building at the Federal Reserve Bank),” and one of the excerpts will be read from the National Capital Planning Committee. “The private elevator for conservatives will be expanded to the exit at the level of the food suite.”
The documents also expressly mention the “vegetable ceiling balconies” that will be welcome to “urban wildlife and pollinators” as well as marble and new water features.
Andrew T. Levin – Professor of Economics at Dartmouth College, which worked as an economist and adviser to the Federal Reserve from 1992 to 2012 – urged Congress to intervene and punish Powell to lie to legislators.
“An official in the Federal Reserve cannot be allowed to make wrong data under the department at a hearing in Congress,” Levin said.
“It is clear that he was not ready for his testimony, and he must be embarrassing,” Senator Sinatia Lomes, a majority member of the Senate Banking Committee, told the Polver newspaper.
“He has actually made a number of inaccurate data to the committee in relation to the private dining room of the Federal Reserve, the elevator, boats, water features, and ceiling terrace,” Lomes said in a statement. “This is a typical of mismanagement and” don't bother me “the position that President Powell always showed.”
A federal reserve spokesman declined to comment.
It seems that the 72 -year -old Powell refuses to fears that the renewal was supported by American taxpayers in a Wednesday session, saying that “cost excesses are what they are.”
The comprehensive eye repair price has already swollen by 30 % of an original estimate of $ 1.9 billion.
Senator Scott, Chairman of the Senate Banking Committee, described the renovations as “luxurious promotions that are similar to that they belong to the Palace of Versailles.”
After this post broke the story on the reckless spending of the Federal Reserve on the upgrade of the headquarters, the former head of the Ministry of Governmental efficiency, Elon Musk as “eyebrows”.
Tesla Titan, who has left the government since then, said that Doug should “definitely” have been investigating how a lot of money was detonated in the glorious vanity project.
In comparison, the new JPMorgan headquarters in the center of Manhattan-is a luxury tower, 60 floors in 270 Park Ave. The architect Norman Foster-is estimated at an estimated $ 3 billion.
The revelation is controversial as the federal reserve is struggling with installation losses, which is a total of $ 233 billion from the past three years.
The interest costs rose and excelled on its profits on the bonds he possessed when Powell raised rates in an attempt to tame the rampant inflation during the Biden administration.
It sank in red for the first time in its history, as it spread losses of $ 114.6 billion in 2023. The officials there insist that the loss of funds does not in any way affect their work and conduct monetary policy.
When the Federal Reserve achieves a profit, this money is transferred to the US Treasury to become part of the federal government budget.
The losses are assembled together in what is known as the “deferred origin” that must be paid before spending money on other things, such as defense, education and medical care.
