The US Federal Reserve has revealed extensive renovation plans for its historic headquarters in Washington DC, a project expected to span several years and cost billions. The move comes amid heightened scrutiny over public spending as inflation remains a persistent concern.
A Building Steeped in History
Constructed in the 1930s, the Fed's marble-clad headquarters has undergone only minor updates in recent decades. Officials argue the building now requires significant modernisation to meet contemporary security, technological and accessibility standards.
Controversy Over Costs
With preliminary estimates suggesting costs could exceed $2 billion, critics question whether such expenditure is justified. "At a time when ordinary Americans are struggling with high living costs, this sends the wrong message," argued one congressional aide speaking anonymously.
Defending the Project
Federal Reserve representatives maintain the renovations are essential: "This isn't about luxury - it's about ensuring we can continue to effectively oversee the nation's financial system for decades to come," said a spokesperson. The plans include seismic upgrades and energy efficiency improvements expected to yield long-term savings.
Project Timeline
- Phase 1 (2026): Structural assessments and design finalisation
- Phase 2 (2027-2029): Core infrastructure upgrades
- Phase 3 (2030-2031): Interior modernisation and tech installation
While some operations may temporarily relocate, officials stress the Fed's critical functions will continue uninterrupted throughout the renovation period.
