DOGE ought to ‘undoubtedly’ have a look at Federal Reserve prices, Elon Musk says

Rep. Aaron Bean, R- Fla., discusses whether or not DOGE can successfully run when Elon Musk steps again on ‘Varney & Co.’

Billionaire Elon Musk stated Wednesday that the Division of Authorities Effectivity (DOGE) ought to look into the Federal Reserve’s expenditures on its headquarters renovation.

Musk, who has been the DOGE figurehead since its inception and stated final week he’ll step again from the position to focus extra on his CEO duties at Tesla, instructed reporters on the White Home on Wednesday that DOGE ought to have a look at the Fed’s spending.

“Since at the end of the day, this is all taxpayer money, I think we certainly — we should definitely — look to see if, indeed, the Federal Reserve is spending two and a half billion dollars on their interior designer,” Musk stated in remarks to reporters on the White Home on Wednesday.

“That’s an eyebrow-raiser,” the billionaire added.

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Elon Musk will quickly reduce on his time spent on DOGE to refocus on Tesla. (Jim Watson/AFP through / Getty Pictures)

The Federal Reserve stated in a November 2022 memo that the price of its multiyear renovation plans for the central financial institution’s headquarters, which started in 2021, had risen to $2.5 billion on the time because the U.S. financial system confronted inflation that reached the very best stage in 40 years.

On the time, the Fed cited “significant increases in raw materials costs which far exceed standard cost escalations, higher labor costs, and changes in construction schedule expectations.”

ELON MUSK WARNS FEDERAL RESERVE MAY FACE DOGE AUDIT

The price of the Federal Reserve headquarters renovation surged in 2021 and 2022 as inflation rose. (Ting Shen/Bloomberg through / Getty Pictures)

Since DOGE’s inception earlier this 12 months, Musk has warned that its cost-cutting push might flip its focus to the Federal Reserve.

“All aspects of the government must be fully transparent and accountable to the people,” Musk wrote in a submit on X in February. “No exceptions, including, if not especially, the Federal Reserve.”

POWELL PUSHES BACK ON MUSK/DOGE, SAYS FED ‘OVERWORKED,’ NOT ‘OVERSTAFFED’

Federal Reserve Chair Jerome Powell has pushed again in opposition to Musk’s earlier criticisms of the central financial institution’s staffing and spending. (Alex Wong / Getty Pictures)

Musk had beforehand criticized the Fed’s workforce as being bloated, calling the central financial institution “absurdly overstaffed” in feedback from December 2024. Earlier final 12 months, he stated the “Fed has a crazy high number of employees.”

Federal Reserve Chair Jerome Powell pushed again on that criticism, saying in a February press convention that the Fed runs a “very careful budget process where we’re fully aware. We owe that to the public, and we believe we do that.”

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In congressional testimony that occurred later in February, Powell was requested if the Fed was overstaffed and replied, “No, I would say that, you know, overworked, maybe, not overstaffed. Everybody at the Fed works really hard.”