Powell has called on Fed inspectors to audit the spending, after a federal housing agency asked Congress to investigate the Fed chair’s recent decisions.
Rumors of the Fed chair’s resignation began circulating online.
FHFA sent a letter to Congress requesting an investigation into Powell.
Donald Trump and other officials followed up with public criticism.
The controversy centers on a $2.5bn renovation of the Fed’s headquarters.
Powell has now called on Fed inspectors to audit the spending.