Federal Reserve Chair Jerome Powell has pushed back against sharp criticism from the White House over the central bank’s $2.5 billion renovation of its historic Washington, D.C., headquarters.

Powell was first nominated as Fed chair by Mr. Trump during his first term, replacing Obama appointee Janet Yellen, and the Senate confirmed him in an 84-13 vote.

Powell's term ends in May next year, and Trump could name his successor as early as this month. Meanwhile, Powell has asked the Fed's inspector general Michael Horowitz to review the central bank ...

President Donald Trump on Friday slammed Federal Reserve Chair Jerome Powell, calling him “truly one of my worst appointments,” as the U.S. central bank chief continues to defy criticism about ...

Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year.

If Powell didn’t have the ability to simply create money, the Fed would be insolvent. Ordinarily, the Fed turns a profit and hands that money to the Treasury.