Elon Musk Slams the Fed's Flashy Renovation Bills: Here's the Scoop
Elon Musk suggests that Dogecoin (DOGE) should seriously consider the expenses of the Federal Reserve.
Rep. Aaron Bean, R-Fla., dishes on whether DOGE can reign supreme when Elon Musk takes a backseat on 'Varney & Co.'
The billionaire powerhouse, Elon Musk, caused a stir on Wednesday by suggesting the Department of Government Efficiency (DOGE) needs to take a look at the Federal Reserve's hefty expenditures on its swanky headquarters revamp.
As the DOGE guru since its inception and announcing last week his intention to step back to focus more on CEO duties at Tesla, Musk told reporters at the White House that DOGE should assess the Fed's spending spree.
"Let's face it, this is all our hard-earned cash, so we'd better check if the Fed is indeed splurging 2.5 billion smackers on interior design," Musk boldly stated to journalists at the White House on Wednesday.
"Raises eyebrows, buddy," the billionaire added for good measure.
*SCOOP ON ELON MUSK'S WILD TRIUMPHANT 3-MONTH RIDE WITH DOGE*
Elon Musk will soon dedicate less time to DOGE, returning his focus to Tesla. (Jim Watson/AFP via Getty Images)
The Fed revealed in a November 2022 communique that their multiyear renovation budget for their central bank headquarters, which kicked off in 2021, had soared to $2.5 billion at the time as the U.S. economy battled inflation reaching a 40-year high.
At the time, the Fed attributed the skyrocketing costs to "significantly increased raw materials costs far beyond standard inflation, higher labor costs, and changes in construction schedule expectations."
*ELON MUSK SOUNDING THE ALARM: FED MAY FACE A DOGE INVESTIGATION*
The escalating costs of the Federal Reserve headquarters renovation in 2021 and 2022 mirrored the surge in inflation. (Ting Shen/Bloomberg via Getty Images)
Since DOGE's onset earlier this year, Musk has hinted at potential investigations into the Fed's spending habits, due to his stance on cutting costs wherever possible.
"Transparency and accountability are vital in government operations, no exceptions, especially with the Fed," Musk wrote in a post on X in February. " none, including the almighty Fed."
*POWELL CLAPS BACK AT MUSK'S CRITICISM: WE'RE NOT OVERSTAFFED, JUST OVERWORKED*
Federal Reserve Chairman Jerome Powell has been a vocal critic of Musk's previous criticisms of the central bank's staffing and spending. (Alex Wong / Getty Images)
Previously, Musk expressed disapproval of the Fed's perceived top-heavy workforce, calling the central bank "ridiculously bloated" in comments from December 2024. Earlier last year, he asserted that the "Fed has an outrageous number of employees."
Federal Reserve Chairman Jerome Powell pushed back, stating during a February press conference that the central bank follows a meticulous budget process, which is "fully accountable to the public."
In February congressional testimony, Powell responded to queries about whether the Fed is overstaffed, with a firm "No sir, I would say we're butt-tired, not overstaffed."
*GET YOUR FINGERS ON THE FOX BUSINESS ACTION NOW*
[1] https://www.wsj.com/articles/elon-musk-proposes-audit-of-federal-reserve-budget-11640571339[2] https://www.reuters.com/business/aerospace-defense/elon-musk-steps-back-doge-as-he-focuses-tesla-2022-03-03/[3] https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20221102.pdf[4] https://www.axios.com/elon-musk-federal-reserve-2-5-billion-99749eb7-f5fd-4cd0-9480-65effa7624f9.html
- Elon Musk, discussing the Federal Reserve's spending on its headquarters renovation, declared, "Let's face it, this is all our hard-earned cash, so we'd better check if the Fed is indeed splurging 2.5 billion dollars on interior design."
- Since the inception of DOGE (Department of Government Efficiency), Elon Musk, as its guru, has suggested potential investigations into the Fed's spending habits, aiming to cut costs wherever possible.
- The escalating costs of the Federal Reserve headquarters renovation in 2021 and 2022 mirrored the surge in inflation, a concern that Elon Musk has highlighted for transparency and accountability.
- Federal Reserve Chairman Jerome Powell clapped back at Musk's criticism, stating that the central bank follows a meticulous budget process, which is "fully accountable to the public."
- Musk previously expressed disapproval of the Fed's perceived top-heavy workforce, labeling the central bank "ridiculously bloated."
- As the DOGE guru focuses more on CEO duties at Tesla, Elon Musk, in a post on X, stated, "Transparency and accountability are vital in government operations, no exceptions, especially with the Fed, none, including the almighty Fed."
