Jay Powell wrote to senators last July with details about the Federal Reserve’s $2.5bn renovation project, according to a letter seen by the FT, complicating the Trump administration’s claims that he misled Congress.
The four-page letter, which has not been previously reported, was sent two and a half weeks after the chair of the central bank testified to the Senate banking committee about the project’s cost overruns.
Powell is the subject of a Department of Justice criminal investigation over testimony he delivered to the committee on June 25 about the revamp of the central bank’s headquarters.
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