Story perspectives

Federal Reserve's $2.5B Renovation Sparks Controversy Amid Losses

4/28/2025

42 8

Summary

Story summary

The Federal Reserve is investing $2.5 billion in renovating its D.C. headquarters, with costs up 32% since 2019.
Critics, including former officials, compare the project to "the Palace of Versailles," questioning its necessity amid $178 billion in losses.
The renovation will modernize two buildings and feature luxury amenities, including rooftop gardens.
Funding comes from borrowing, avoiding congressional oversight, raising concerns among GOP lawmakers.
Completion is expected in 2027, despite the Fed not turning a profit since 2022.

1 of 1

Story summary

The Federal Reserve is investing $2.5 billion in renovating its D.C. headquarters, with costs up 32% since 2019.
Critics, including former officials, compare the project to "the Palace of Versailles," questioning its necessity amid $178 billion in losses.
The renovation will modernize two buildings and feature luxury amenities, including rooftop gardens.
Funding comes from borrowing, avoiding congressional oversight, raising concerns among GOP lawmakers.
Completion is expected in 2027, despite the Fed not turning a profit since 2022.