Jerome Powell, Federal Reserve Chairman, is accused of lying under oath about a $2.5 billion renovation that includes lavish features, according to planning documents from 2021. Senator Cynthia Lummis criticized Powell’s testimony, labeling it as factually inaccurate and indicating he was unprepared to testify.
The renovation costs have surged by 30% from the original $1.9 billion estimate, reflecting poor financial management within the Fed. Planning documents contradict Powell’s claims, stating the project features amenities like private dining rooms and vegetated roof terraces.
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