Powell requested the inspector general of the Federal Reserve to review the renovation project of the Federal Reserve headquarters.

On July 14th local time, as criticism from Trump administration officials against the operation of the Federal Reserve intensifies, Federal Reserve Chairman Powell has requested the Fed's inspector general to review the costs related to the renovation project of the Federal Reserve headquarters. According to a source familiar with the matter, this request was made to Fed Inspector General Michael Horowitz over the weekend. Previously, White House Office of Management and Budget Director Vought wrote to Powell last week, expressing Trump's "extreme concern" over the cost overruns of this $2.5 billion project. The Federal Reserve has described the challenges faced in the comprehensive restoration of the Marriner Eccles building and its adjacent properties in materials posted on its website.