Federal Reserve Chair Jerome Powell has asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington, as Trump administration officials intensify their criticism of how the Fed is being run.

Federal Reserve Chair Jerome Powell requested an inspector general review of the central bank's $2.5 billion headquarters renovation after Trump officials criticized cost overruns.

Federal Reserve chair Jay Powell has rebutted the Trump administration’s accusations that he misled Congress over a $2.5bn refurbishment of the central bank’s headquarters, saying it did not inform government planners of changes to the project because they were not “substantial” enough to warrant it.

The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

Federal Reserve Chair Jerome Powell has asked an inspector general to review the cost of the central bank's building renovations that White House officials have attacked as "ostentatious."