New Delhi, July 18 -- Federal Reserve Chair Jerome Powell pushed back against White House accusations that he "grossly mismanaged" the Fed's $2.5 billion headquarters renovation. Budget chief Russell Vought claimed the project featured "ostentatious" luxuries like VIP dining rooms and marble finishes while running $700 million over budget.

In a letter to Vought, Powell stressed the renovation addresses critical safety needs in the 90-year-old building, including removing toxic asbestos and updating dangerous electrical systems. President Trump has called the project "disgraceful" and suggested it could justify firing Powell."As explained on the Board's public website, we take seriously the responsibility to be good stewards of public res...