The Federal Reserve took action on Friday to respond to accusations from President Trump and his allies. These accusations claim that Federal Reserve Chairman Powell acted improperly in managing the renovation project at the Federal Reserve headquarters and subsequently concealed related plans from Congress. In an update to its website later on Friday, the Federal Reserve detailed the content aimed at supporting Powell's statements to lawmakers. This renovation project, which began in 2021, has exceeded its budget by $700 million and is expected to total around $2.5 billion. In the 'Frequently Asked Questions' released by the Federal Reserve on Friday, it stated: The Federal Reserve places a high priority on fulfilling its responsibility to manage public resources effectively. The project will allow the Federal Reserve Board to consolidate most of its business functions, thereby gradually reducing long-term operating costs. The entire project is a systematic renovation and modernization upgrade of two historic buildings that have never undergone a comprehensive overhaul since they were built in the 1930s, specifically including repairs and updates to the buildings.