Scott Joins President Trump, White House Officials in Visit to Federal Reserve
Washington, D.C. – Today, Chairman Tim Scott (R-S.C.) joined President Trump and White House officials on a tour of the Federal Reserve’s renovation project.
Click here or on the image above to watch Chairman Scott’s remarks at the Federal Reserve.
“As Chairman of the Senate Banking Committee, with oversight of the Federal Reserve, I initially raised concerns about the agency’s spending of billions on the renovation of two of its offices, and I was glad to join President Trump and Chair Powell to see the renovations firsthand and have a candid conversation on the cost overruns. Most Americans could never dream of amenities like rooftop garden terraces, ornate water features, and Italian beehives, and I’ll continue pushing the Federal Reserve to increase transparency, rightsize rules and regulations, and avoid politics. We should be focused on solutions to increase access to affordable housing, support small businesses, and help more Americans access the American Dream,” said Chairman Scott.
BACKGROUND:
Ahead of the Senate Banking Committee’s June hearing on the Federal Reserve’s Semiannual Monetary Policy Report to the Congress, Chairman Scott sent a letter pressing Federal Reserve Chair Jerome Powell on the agency’s spending on lavish renovations. During the hearing, Chairman Scott asked Chair Powell directly to address the issue, likening the renovations, including rooftop garden terraces, ornate water features, Italian beehives, new marble finishes, and a private art collection, to luxury upgrades that belong more in the Palace of Versailles than a public institution.
In response, Chairman Powell agreed to brief the Senate Banking Committee on the renovation project, which occurred on July 17. Following the briefing, Chairman Scott sent a letter to Chair Powell on July 23, where he outlined a list of questions regarding specific details of the renovations that were raised in the July 17 meeting.
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