Federal Reserve’s Renovation Under Fire
In an effort to rein in spending, Russell Vought, who oversees budgeting, has targeted the Federal Reserve.
Vought recently met with Chairman Jerome Powell regarding the Fed’s extravagant renovation project for its Washington, DC headquarters. The cost has ballooned to about $2.5 billion, which is roughly $700 million over the initial budget. The renovation features include a rooftop garden, a VIP dining area, and high-end marble finishes.
“The president is deeply concerned about how the Federal Reserve is being managed,” Vought commented. “Instead of properly adjusting the Fed’s financial oversight, you’ve opted for a luxurious redesign of the Washington headquarters.”
He also noted that the renovation cost per square foot is around $1,923, which is double that of revitalizing a typical historic federal building. He mused, “The Palace of Versailles would have set you back $3 billion today!”
“President Jerome Powell has mismanaged the Federal Reserve,” Vought asserted.
Vought referenced Powell’s June testimony before Congress, where the chairman denied that any significant renovations were underway. This contradiction raised concerns about adherence to the National Capital Program Act, Vought said.
“While some minor changes might be unavoidable, your declarations suggest that key design elements deviated from the approved plans,” he expressed. “Failure to meet NCPC approval means the Fed must stop construction immediately and regain the necessary approvals.”
The renovation was initially greenlighted in September 2021, with plans showcased for luxurious amenities like water features and private dining rooms.
However, during a recent hearing, Powell insisted that no changes had been made to the original designs. “There is no VIP dining room or new marble. No special elevator or water features,” he stated. “The earlier plans approved in 2021 have been altered, yet any amendments must be formally submitted for NCPC approval, which hasn’t happened since then.”
Due to these inconsistencies, Vought indicated the Office of Management and Budget would closely monitor the ongoing project.
Once again, Vought reiterated, “President Jerome Powell has mismanaged the Fed.”
