Jerome Powell has responded to sharp criticism from the Trump administration about renovations to the Fed’s offices, answering questions about changes to the project as well as reaffirming the central bank’s commitment to “transparency for our decisions and to be accountable to the public.”

President Donald Trump wants Federal Reserve Chair Jerome Powell to consider the cost of the government’s ballooning debt service payments when the central bank meets later this month.

Mr. Blair has referred to the Fed’s headquarters as the “Taj Mahal on the National Mall.”