The representative Aaron Bean, R-Fla., Discuss if Doge can start effectively when Elon Musk is back on “Varney & Co.”
Billionaire Elon Musk said on Wednesday that the Government Ministry of Effectiveness (DOGE) is expected to examine the expenses of the Federal Reserve when renovating the headquarters.
Musk, who has been the figurehead since his creation and said last week that he would take a step back from the role to focus more on his CEO functions in Tesla, told the White House journalists on Wednesday that Doge should examine the Fed expenses.
“Given that in the end, it is all the taxpayers’ money, I think we, certainly – we should certainly – seek to see if, in fact, the federal reserve spent two billion dollars and a half on their interior architect,” Musk told the journalists in the White House on Wednesday.
“It’s a eyebrow lace,” added the billionaire.
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Elon Musk will soon reduce his time spent on Doge to refocus on Tesla. (Jim Watson / AFP via / Getty Images)
The federal reserve said in a memo in November 2022 that the cost of its multi -year renovation plans for the central bank’s headquarters, which began in 2021, had reached $ 2.5 billion at the time while the American economy was faced with inflation which reached the highest level in 40 years.
At the time, the Fed cited “significant increases in the costs of raw materials which far exceed the climbing of standard costs, higher labor costs and changes in the expectations of the construction calendar”.
Elon Musk warns the federal reserve can face a DOGE audit
The cost of renovating the headquarters of the Federal Reserve jumped in 2021 and 2022 as inflation increased. (Ting Shen / Bloomberg via / Getty Images)
Since the creation of DOGE at the start of this year, Musk has warned that its cost reduction thrust could focus on the federal reserve.
“All aspects of the government must be entirely transparent and responsible for the people,” Musk wrote in an article on X in February. “No exception, including, if not above all, the federal reserve.”
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The president of the federal reserve, Jerome Powell, postponed the previous Musk criticisms on the staff and expenses of the Central Bank. (Images Alex Wong / Getty)
Musk had previously criticized the Fed workforce as inflated, calling the central bank “absurdly shaded” in the comments of December 2024. Earlier last year, he said that “the Fed had a large number of crazy employees”.
The president of the federal reserve, Jerome Powell, rejected this criticism, saying during a February press conference that the Fed manages a “very meticulous budgetary process where we are fully aware. We owe this to the public, and we think we do it”.
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In the testimony of the congress which occurred later in February, Powell was invited to know if the Fed had been exceeded and replied: “No, I would say that, you know, overloaded, perhaps, no overstaffing. Everyone at the Fed works very hard.”
