Internet reported that the Federal Reserve took steps on Friday to respond to accusations against it by President Trump and his allies. These accusations allege that Federal Reserve Chairman Powell acted improperly in managing the renovation project of the Federal Reserve's headquarters and later concealed the plan from Congress. In an update to its website late Friday, the Fed detailed what it was meant to support Powell's statements to lawmakers. The renovation project, which began in 2021, has exceeded its budget by US$700 million, and the total cost is expected to reach approximately US$2.5 billion. The Federal Reserve said in its "frequently asked questions" released on Friday: The Federal Reserve attaches great importance to fulfilling its responsibility of managing public resources. The project will allow the Federal Reserve Board of Governors to integrate most of its business functions, gradually reducing long-term operating costs. The entire project is to systematically renovate and modernize two historical buildings that have never been fully renovated since their completion in the 1930s, including the restoration and renewal of buildings.