Senate Banking Chair Queries Powell on Fed’s Spending, Reforms

Senate Banking Committee Chairman Tim Scott questions the Federal Reserve’s spending on office renovations and pushes for reforms to bank supervision, according to a letter sent to Federal Reserve Chair Jerome Powell.

• The letter, signed by Scott and other Republican senators, was sent ahead of Powell’s testimony before the Senate Banking Committee
• The letter alleges the Fed spent billions of dollars on “lavish renovations” of two offices in Washington, DC
• The letter says the senators welcome the Fed’s efforts to ensure “politics is truly rooted out of bank supervision”
• “There is significant work ahead to right-size the regulatory ...