A renovation of the US central bank headquarters in Washington, D.C. is drawing outrage as Federal Reserve Chair Jerome Powell stands accused of misleading Congress about a $2.5 billion revamp at the Federal Reserve’s Washington headquarters. The Fed renovation sparked national backlash and demands for accountability.
In a Senate Banking Committee hearing, Powell insisted, “There’s no VIP dining room, there’s no new marble. There are no special elevators,” and even denied water features, beehives, or roof gardens. His testimony flatly contradicted 2021 planning documents filed with the National Capital Planning Commission, which detailed “private dining rooms on Level 4,” extended “Governors’ private elevator,” “vegetated roof terraces,” new marble, and water features.
Republicans erupted. Sen. Cynthia Lummis declared Powell “was clearly not prepared” and should be “embarrassed.” She added his misstatements “are typical of the mismanagement and ‘don’t bother me’ attitude that Chair Powell has always shown.” Sen. Tim Scott compared the upgrades to a “Palace of Versailles,” while Dartmouth economist Andrew Levin stated “A top Fed official cannot be permitted to make false statements under oath. “Such statements must be promptly corrected, and in egregious cases, subject to censure by the Senate.”
Powell brushed off cost overruns by saying, “the cost overruns are what they are.” Meanwhile, the Fed posted historic losses—$114.6 billion in 2023 and $233 billion over three years. Emily Musk (sic), former head of a government efficiency office, called the story “an eyebrow raiser,” urging an investigation.
The Fed renovation represents more than a busted budget—it raises serious questions about Powell’s honesty under oath.
