The Federal Reserve’s website boasts a freshly updated page explaining ongoing renovations to two buildings, in the interest of transparency.
The page neglects to mention the cost of the renovations.
The project’s price tag stands at a staggering $2.5 billion dollars, according to Director of the Office of Management and Budget (OMB) Russell Vought. That’s up from a modest $1.9 billion proposal at the outset, according to Senate Banking Committee Chairman Tim Scott of South Carolina.
Chairman Jerome Powell has grossly mismanaged the Fed.
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
— Russ Vought (@russvought) July 10, 2025
“At a time when the Fed is running an operating deficit, maintains high interest rates, and is receiving significant public scrutiny, one has to wonder whether the so-called ‘Taj Mahal near the National Mall’ project is in the best interests of the board & the public it serves,” questioned James Blair, White House deputy chief of staff.
Hellbound and Down 