TechFlame reports that the Federal Reserve took steps on Friday to respond to accusations made by President Trump and his allies. These accusations claim that Federal Reserve Chairman Powell acted improperly when managing the Federal Reserve headquarters renovation project, and later concealed relevant plans from Congress. In an update to its website late Friday, the Federal Reserve detailed content aimed at supporting Powell's relevant statements to lawmakers. The renovation project, which began in 2021, has already exceeded the budget by $700 million, and the total cost is expected to reach around $2.5 billion. The Federal Reserve stated in the “Frequently Asked Questions” released on Friday: The Federal Reserve attaches great importance to fulfilling the responsibility of managing public resources. The project will enable the Federal Reserve Board to consolidate most of its business functions, thereby gradually reducing long-term operating costs. The entire project is a systematic renovation and modernization of two historic buildings that have not been completely renovated since they were built in the 1930s, including restoration and renewal of the buildings.