NEC Director Kevin Hassett: The Fed needs more congressional oversight

Oversight and Spending Concerns - The Federal Reserve's spending, particularly on building projects, lacks sufficient congressional oversight [2][4] - The cost overrun on a Federal Reserve building renovation is $700 million [3] - The cost overrun alone is comparable to the entire cost of constructing the FBI building [3][4] - Questions arise regarding the Fed's ability to spend $25 billion (two and a half billion dollars) on a building without proper oversight, especially considering its origins under a gold standard [2] Independence vs Accountability - There is a strong desire to maintain the Federal Reserve's independent monetary policy [4] - However, increased congressional oversight is needed regarding the Fed's spending and building projects [4] Leadership and Response - The possibility of removing the Federal Reserve Chair (Chair Pal) is being considered in response to the cost overrun [1] - The Federal Reserve's response to the "incredible cost overrun" will be closely monitored [1]