Fed Reserve Chair Jerome Powell responded to the Trump administration's inquiry about its $2.5 billion headquarters renovation, addressing concerns about cost overruns and project details.

President Trump's appointees urged the use of marble in a Federal Reserve renovation to increase transparency, clashing with central bank values. Trump criticizes Fed Chair Powell for cost overruns, possibly signaling mismanagement.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

Experts warn Donald Trump must provide valid reasons for removal, as current evidence does not support claims of mismanagement.