You don’t need a weatherman to know that the wind is blowing against Fed Chairman Jay Powell. In response to OMB Director Russell Vought’s letter about the Fed’s multibillion dollar office renovation, the Fed has now posted a a rebuttal under the rubric of Frequently Asked Questions. Chairman Powell want it to be known that all is in good order, sort of:
What are the goals of the project?
The Federal Reserve takes seriously the responsibility to be a good steward of public resources. The project will reduce costs over time by allowing the Board to consolidate most of its operations. It involves a complete overhaul and modernization that preserves two historic buildings that have not been comprehensively renovated since their construction in the 1930s and includes:
• Remediation and updates to make the buildings safe, healthy, and effective places to work by removing asbestos and lead contamination, and accommodating modern workplace technology.
• Complete replacement of antiquated systems such as electrical; plumbing; Heating, Ventilation, and Air Conditioning (HVAC); and fire detection and suppression systems.
• Major structural work to bring the buildings up to modern code, including current accessibility, security, and safety standards.The work will also restore and enhance space for the public along the National Mall.
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What were the main reasons for cost increases over the course of the project?
Various factors have driven cost increases. Key factors include:
• Changes to original building designs as a result of consultation with review agencies;
• Differences over time between original estimates and actual costs of materials, equipment, and labor; and
• Unforeseen conditions (for example, more asbestos than anticipated, toxic contamination in soil, and a higher-than-expected water table).How is marble used in the project?
The Eccles and 1951 Constitution Avenue buildings were originally built with marble in the façades and stonework. The project has salvaged the original exterior marble to be reinstalled and will use new domestic marble where the original was damaged or where needed to keep with historic preservation guidelines and to address concerns raised by external review agencies.
Is there a new VIP dining room?
No new VIP dining rooms are being constructed as part of the project. Eccles has conference rooms, which are being renovated and preserved. They are also used for mealtime meetings.
Is there a VIP elevator?
No. The original elevators are being rehabilitated, including an elevator that services historic conference rooms that are also used for mealtime meetings. A short extension of this rehabilitated elevator will make the space more accessible for people with disabilities. There are no elevators where access is limited to governors.
And so on. Whole thing here. I say it’s “A case for Citizen Trump.”
