Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project. “We take seriously the responsibility to be good stewards of public resources as we fulfill the duties given to us by Congress on behalf of the American people,

Federal Reserve Chair Jerome Powell on Thursdayresponded to a Trump administration official's demands for information about cost overruns for a renovation project at the central bank's Washington headquarters campus,

Trump has used the estimated $2.5 billion price tag of the renovation to accuse Powell of “extravagant” spending.