The Federal Reserve published a video tour which shows the renovation process at its historic Washington headquarters because of White House criticism about rising project expenses.
The 6-minute video from July 18 provides viewers with a tour of the central bank’s construction site through footage that shows asbestos removal and structural upgrades while text overlays explain the project’s technical aspects. The Fed published the video on their website because people are questioning the project’s budget costs.
Several administration officials who have criticized the $2.5 billion renovation budget have asked to see the construction site in person. The Fed released the video to demonstrate transparency about the extent and importance of the facility upgrades.
The renovation project targets two historic buildings which have served as the Fed’s operational centers for many years. The construction project will update the facilities through modernization efforts that maintain their historic value.
The video lacks detailed explanations but it emerges during a period of heightened tension. The Trump administration has engaged in disagreements with the Fed regarding interest rates and operational spending among other issues. The renovation serves as a central point in the conflict between the Fed and Trump because he advocates for reduced federal spending across all agencies.
The Fed did not provide any information about project timeline or budget changes in their new release.
