The Trump administration is once again ramping up pressure on Federal Reserve Chair Jerome Powell—this time over a costly renovation of the central bank’s Washington headquarters that it says may have violated Federal planning rules.

       Russell Vought, the director of the Office of Management and Budget, sent a letter to Powell on Thursday demanding answers about the $2.5 billion renovation of the Fed’s main building.

       Unlock Premium Insights from Barron's

       Take your experience further with Mint Premium- access insights and analysis on global markets

       Subscribe now Already subscribed? Login

       Premium benefits

       200+ Premium Articles Weekly

       WSJ, The Economist Access at < INR 340/month

       Build Smart Finance Plans with Experts

       Top Stock Recommendations Everyday

       Expert-Backed Investment Growth

       Access Mint Lounge, Newsletters & Insights