"Bessent: It's About Time We Took a Good Look at the Fed, Doncha Think?".
In recent weeks, officials including National Economic Director Kevin Hassett and Federal Housing Finance Authority chair Bill Pulte have criticized Powell over the Fed’s $2.5 billion renovation of its headquarters in Washington DC. Powell pushed back against these criticisms just days before Bessent’s Monday comments.
What's the guy doing, having a throne room installed? Maybe a burial vault for when he departs this mortal coil?
Fed Chairman Jerome Powell: "Yes, I'd like something like that - but on a considerably larger scale. And don't forget the executive parking garage with valet parking."
From what I've read, that "renovation" is a complete makeover and expansion of the building. "Taj Mahal" ain't even close.
ReplyDeleteEnd The Fed!
If he had used the word "construction", it might be a little more understandable.
ReplyDeleteBut, $2.5 BILLION to "renovate" an existing building is a bit hard to grasp, even with today's inflated construction costs.
It wasn't long ago that a billion dollars was a LOT of money!
From what I've read, the building is steel frame construction, which generally doesn't need "renovation" in the classic sense.
DeleteOnly as misdirection does this make sense.
maybe asbestos, that can be expensive, but those old school government buildings have very nice executive suites and maybe there's one for each fed governor when they're in town, I don't know... do they give tours?
ReplyDelete