Federal Reserve Chair Jerome Powell pushed back Thursday on GOP criticisms regarding renovation costs for two buildings in Washington, suggesting the upgrades are overdue. “The project is large in

Powell has faced a firestorm of Republican criticism over the lavish renovation — as President Trump demands that Powell consider resigning after refusing to lower interest rates.

High-profile criticism of some $700 million in cost overruns is said to be an effort to pressure Jerome Powell to quit.

U.S. Federal Reserve Chair Jerome Powell has asked the Fed board's inspector general to take a fresh look at the project aimed at overhauling Fed buildings, Politico reported on Monday, citing a letter to lawmakers by Powell.

Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

President Donald Trump on Tuesday said Chairman Jerome Powell to resign immediately, and renewed his calls for the central bank to lower interest rates.