OMB Director Russ Vought: The Fed needs to be accountable for things that are beyond monetary policy

Renovation Project Cost & Transparency - The Federal Reserve's headquarters renovation project, encompassing multiple buildings, is estimated at $31 billion [4][12] - Overruns for two buildings alone amount to $1 billion [4] - The project includes a tunnel between buildings, basement excavation, and a large underground parking lot [4][5] - The cost of the parking lot is $250 million, while providing parking benefits for the entire Fed could cost $30 million [6] - The Office of Management and Budget (OMB) suggests that obtaining information about the project from the Fed has been difficult, requiring FOIA requests [10][11] - The administration questions the transparency of the project, suggesting that information was not readily available to Congress [8][9][10] Potential Motivations & Broader Issues - There are concerns that the focus on the Fed's renovation project is a pretext to pressure the Fed Chair to lower rates or distract from other issues [15] - The administration asserts that it is not trying to fire the Fed Chair [16] - The administration believes the Fed needs to be accountable for issues beyond monetary policy, including its building, remittances to the Treasury, and regulatory compliance [18] - The President believes the American people should have a say in the Fed's decisions on interest rates [17]