Fed Chairman Jerome Powell is under fire for what critics are calling gross mismanagement of the central bank—this time not over monetary policy, but over marble, rooftop gardens, and VIP elevators.
The Federal Reserve, which has been running a deficit since fiscal year 2023—an unprecedented move in its history—is now embroiled in a scandal over the ballooning costs of its headquarters renovation. Initially projected at $1.8 billion, the project has now surged to $2.5 billion, blowing past its budget by nearly $700 million.
Among the lavish features raising eyebrows are terrace rooftop gardens, decorative water features, premium imported marble, and exclusive elevators for VIPs. The renovation’s price tag amounts to an astonishing $1,923 per square foot—more than double the typical cost of refurbishing historic federal buildings. For perspective, restoring the Palace of Versailles to its former glory would cost just $3 billion today.
Powell’s recent testimony before Congress only intensified scrutiny, prompting calls for a formal review by the Office of Management and Budget and the National Capital Planning Commission. In response, a lawmaker has sent an official letter demanding answers and accountability.
The tweet below contains the letter sent today to Chairman Powell seeking clarity on the spending spree.
Chairman Jerome Powell has grossly mismanaged the Fed.
— Russ Vought (@russvought) July 10, 2025
While continuing to run a deficit since FY23 (the first time in the Fed's history), the Fed is way over budget on the renovation of its headquarters.
Now up to $2.5 billion, roughly $700 million over its initial cost.… pic.twitter.com/lHK4cWlAvf
