We have taken great care to ensure the project is carefully overseen since it was first approved by the Board in 2017,” the Federal Reserve chairman said.

Fed Chair Jerome Powell is under fire from the White House, which accuses him of bungling a renovation of the Fed's HQ and has suggested it could be cause to fire him.

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,