the Fed took action on Friday in response to accusations from President Trump and his allies. These accusations claimed that Fed Chairman Powell engaged in misconduct in managing the renovation project at the Fed headquarters, and later concealed the plans from Congress. In an update to its website later on Friday, the Fed detailed the content aimed at supporting Powell's statements to lawmakers. The renovation project, which began in 2021, has exceeded its budget by $700 million, with total costs expected to reach around $25 billion. In a "Frequently Asked Questions" released on Friday, the Fed stated: The Fed places a high priority on fulfilling its responsibility to manage public resources well. This project will allow the Fed Board to consolidate most of its business functions, gradually reducing long-term operating costs. The entire project involves systematic renovation and modernization of two historic buildings that have not undergone comprehensive repairs since they were built in the 1930s, including restoration and updates to the buildings.