Powell responds to the building renovation matters.

[Powell Responds to Building Renovation Issues] Fed Chair Powell responded to the White House budget director regarding the Fed building renovation, stating that the Fed board believes transparency is crucial; the review process has been ongoing since 2017, and the project inspector general is also reviewing the building renovation project. Collaboration with the National Capital Planning Commission has been constructive and robust, and this has been voluntarily driven by the Fed. The changes to the project since the approval by the National Capital Planning Commission (NCPC) have only involved reductions and simplifications of the construction content, without introducing any new elements, thus not requiring further review. The project is large in scale, involving significant structural repairs, safety system upgrades, and the removal of asbestos and lead contamination.