https://nypost.com/2025/04/27/business/federal-reserve-blows-2-5b-on-palace-of-versailles-hq/
Federal Reserve blows $2.5B on ‘Palace
of Versailles’ HQ despite mounting losses:
‘Congress must put its foot down’
New York Post, by James Franey
Posted By: ConservativeYankee, 4/27/2025 3:17:39 PM
The Federal Reserve is pushing ahead with an eye-watering $2.5 billion revamp of its Washington, D.C. HQ despite mounting losses as one ex-official accused its bureaucrats of behaving like French royalty over their frivolous spending. The glorified vanity project, first rubber-stamped by government pen-pushers in 2021, is now effectively being subsidized by American taxpayers because the Fed has not made a profit since 2022. “The Federal Reserve is building the Palace of Versailles on the National Mall,” said Andrew T. Levin, professor of economics at Dartmouth College in New Hampshire, referring to the long-deposed French monarchy’s official residence just outside Paris.