Elon Musk said Doge would “undetectedly” investigate a $2.5 billion renovation at Washington DC headquarters after the post office exposure. This is a gorgeous project that Tesla Titan called the “brow lazer.”
The post exclusively reported earlier this week how the Fed's Top Brass is pushing for expensive renovations despite increasing losses on its balance sheet and catching the eye of President Trump's austerity treasury.
“At the end of the day, this is all taxpayer money, so we certainly think — we definitely need to see if the Federal Reserve is actually spending $2.5 billion on interior designers,” Musk told White House reporters late Wednesday.
“It's a lazer on the eyebrows,” he added.
This post approaches Doge and White House for comments. A Federal Reserve spokesman declined to comment.
Critics compared the Vanity Project to the French monarchy Palace of Versailles. This is currently hit by spiral costs effectively being paid by American taxpayers.
Central bank officials have long criticised the rising costs of surges in the prices of building materials and labor since the project was launched in 2021 amid ramp-relevant inflation under President Joe Biden's control.
Their initial estimate was $1.9 billion, and work was expected to be finalised in 2027. By comparison, JPMorgan spends an estimated $3 billion on its new Park Avenue headquarters in midtown Manhattan.
The controversy also comes amid Trump's long-standing spat with bred chairman Jerome Powell over the speed of central bank interest rate cuts, but recently brought back the threat of trying to drive a 72-year-old out of work.
The two men also disagree with the current administration's decision to slap heavy tariffs on goods imported from overseas.
Sen. Rick Scott (R-FLA.) accused Powell of overseeing “a highly unrecorded Fed that wasted tax money.”
“Congress must hold him accountable,” he said.
Sen. Cynthia Ramis (R-Wyo.) said that American central bankers have shown “arrage” to American taxpayers by pushing for expensive property plans.
“The Federal Reserve hasn't won coins in years, but somehow it found $2.5 billion to build a modern palace in Versailles,” Ramis said.
“The entire project needs to be put on hold, but if it doesn't take place forever,” she added.
The overhaul, which was managed when Powell was Fed Governor, focuses on modernizing two downtown complexes on the Fed's DC campus, known as the Eccles and Fed-East buildings.
Stressed Fed officials can enjoy the new rooftop garden terrace, skylights and gorgeous water features.
Meanwhile, board members are given a new elevator system that can be dropped directly into the VIP dining suite.
The Wall Street Journal revealed that the basement held the Fed's private art collection in March 2023, while Italian beehives were installed on the roof.
The expensive makeover is controversial after the Fed posted an operating loss of $77.5 billion last year.
This is down from a loss of $114.6 billion in 2023, marking the first time the central bank has sunk into red in its 100-year history.
The Federal Reserve says the losses have not affected their ability to operate and implement monetary policy.
It sank to the red as interest rates spiked and Powell surpassed the revenues of bonds he owned as he hiked interest rates as he tried to curb prices under Biden.
When the Fed makes a profit, the money will be passed on to the US Treasury Department and become part of the federal government's budget.
That increased loss of about $178 billion is now summed up in what is known as the Fed's “deferred assets.”
That amount must be paid in full before remittances to the Treasury can resume and spend it on other things like defense, education, Medicare, and more.
A 2023 survey by federal government experts from the St. Louis predicted it would not occur early until mid-2027.
“They're making the most of their economics,” said Andrew T. Levin, professor of economics at Dartmouth University in New Hampshire.
“It is essential for Congress to investigate the construction of the Fed's operating budget, pay and upgrades,” he added.
