Rep. Aaron Bean (R-Fla.) discusses whether Doge can effectively execute when Elon Musk returns to “Varney & Co.”
Billionaire Elon Musk said Wednesday that the government’s Office of Efficiency (DOGE) should investigate Federal Reserve spending on headquarters renovations.
Musk has been a Doge overview since its inception and said last week that he will step back from his role to focus more on his CEO role at Tesla, Musk said on Wednesday that Doge should look at the Fed’s spending.
“At the end of the day, this is all taxpayer money, so we certainly think — we should definitely see if the Federal Reserve is spending $2.5 billion on interior designers,” Musk told a White House reporter on Wednesday.
“It flips the eyebrows,” the billionaire added.
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Elon Musk will quickly cut down on Doge’s time to focus on Tesla. (Jim Watson / via AFP / Getty Images)
The Federal Reserve said in a November 2022 memo that the cost of the multi-year renovation plan for the central bank headquarters, which began in 2021, rose to $2.5 billion at the time as it faced inflation, reaching its highest level in 40 years.
At the time, the Fed cited “a significant increase in raw material costs that exceeded standard costs, higher labor costs, and changes in construction schedule expectations.”
Elon Musk warns that the Federal Reserve could face a Doge audit
The cost of renovations to the Federal Reserve surged in 2021 and 2022 as inflation rose. (Ting Shen / Bloomberg Via / Getty Images)
Since Doge was founded earlier this year, Musk has warned that the cost-cutting driving force could focus on the Federal Reserve.
“All aspects of government must be completely transparent and accountable to people,” Musk wrote in a February X post. “If not, there are no exceptions including the Federal Reserve.”
Powell pushes Musk/Doge back and says it’s “overworked” rather than “overworked”
Federal Reserve Chairman Jerome Powell opposed Musk’s previous criticism of central bank staffing. (Alex Wong/Getty Images)
Musk previously criticized the Fed for bloated workforce and called the central bank “absurdly overloaded” in comments from December 2024.
Federal Reserve Chairman Jerome Powell pushed back the criticism and said at a press conference in February that the Fed said it was running a very careful budget process that we are fully aware of.
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In Congressional testimony that occurred late February, Powell was asked if the Fed was overstaffed and said, “No, I’d say you know, you’re overworking, maybe not overstaffed.
