Musk says that the expansion of the $ 2.5 billion Fed building should be subject to a meticulous examination

As he leaves his efforts to reduce unnecessary government spending, Elon Musk takes a final blow, calling into question the renovation of the Federal Reserve of 2.5 billion dollars.

In a rare interview with printed journalists, the initiator of the Advisory Council of the Ministry of Effectiveness of the Government said that the price of the operation of the central bank sounds “.

“I mean, what do you get $ 2.5 billion in redecoration? Tesla Said CEO.

The Fed started the project in 2021 with an initial price of $ 1.9 billion. Since then, several factors have converged to increase costs, including the increase in material costs, construction delays, changes in design and site problems.

Among the objectives of the renovation appear on a back -up of upgrades, the meeting of building codes and regulations, updating technology and the fight against energy efficiency. Fed officials claim that changes will ultimately save money by consolidating staff in a single space, which will reduce rental costs “and provide a modern and effective workspace for employees to do their work on behalf of the American people”.

Musk, however, said that cost overruns should be part of the wider examination of government waste. DOGE claims to have saved $ 160 billion in taxpayers during its short operating time by looking at the government’s books.

“Since then, in the end, it is all the taxpayers’ money, I think … We must certainly seek to see if indeed the Federal Reserve expected 2.5 billion dollars for their interior architect,” said Musk. “It’s a lève-Sourcils, do you know? They are like, can we see photos of what you get for that?”

The Fed is not really funded by taxpayers, but rather by the interests that central banks gain on its titles as well as the costs of the banks it supervises. The members of the Fed board of directors have their salary fixed by the congress and are also paid by the same financing mechanism.

Normally, the money that the Fed earns beyond its operating costs is reimbursed to the Treasury. However, the past two years, the central bank has experienced operating losses due to the increase in interest rates it has to pay on bank reserves.

With regard to renovation, the documents filed with the National Capital Planning Commission note that “although there have been changes and regular renovations of the building during its 80 years of history, many construction systems are at the end of their useful lifespan, and the building no longer fully meets the needs of the Council.”

Fed officials refused to comment.