The Department of Justice has opened an investigation into the Federal Reserve’s renovation project after the budget rose to $2.5 billion, and Fed Chair Jerome Powell responded with a rare video statement to the public. In that message Powell addressed grand jury subpoenas served to him and argued the inquiry is related to the Fed’s independence rather than strictly to construction matters. The project centers on renovations to the Marriner S. Eccles building and an adjacent Fed office, covering about 1 million square feet in downtown Washington, D.C.
Federal Reserve's $2.5 Billion Renovation Under Investigation
The renovation was initially budgeted at $1.9 billion before the figure increased to $2.5 billion, a jump that drew scrutiny from lawmakers and investigators. The scope covers roughly 1 million square feet across the central complex, which helps explain why the total appears large. The Federal Reserve has provided explanations for the higher costs, noting several specific expense categories tied to the project.
Jerome Powell's Unprecedented Video Statement
Chair Powell broke with recent Fed practice by speaking directly to the public in a video, an uncommon step for a sitting Fed Chair. In that statement he defended the Fed’s disclosures and said the investigation and threat of criminal charges were connected to the Fed’s policy choices, not simply the renovation. Powell emphasized that the Fed had informed Congress about the project through testimony and other disclosures.
DOJ Investigation and Political Reactions
The DOJ’s inquiry includes grand jury subpoenas served to Powell in relation to the $2.5 billion renovation, and the matter has prompted sharp public reactions from elected officials. Rep. Anna Paulina Luna accused Powell of minimizing scope and cost overruns and denying features that appeared in earlier planning documents, while President Trump questioned Powell on camera at the construction site in a tense encounter. The political pressure around the probe has become part of a broader public debate about the project and the Fed’s role.
Reasons Behind High Renovation Costs
The Federal Reserve cited several concrete reasons for the increased price tag, including asbestos removal, elevated security requirements, historical preservation obligations, and the rise in inflation since the project began. These factors tend to add specialized work and oversight that increase costs beyond standard renovations.
- Asbestos removal and hazardous-material abatement.
- Enhanced security measures for a central-bank headquarters.
- Historic-preservation work on an older government complex.
- Higher construction costs linked to inflation since project planning began.
For scale, the story compared the Fed project with other large public renovations: the redevelopment of St. Elizabeth’s Campus for the Department of Homeland Security has a projected cost of over $4.4 billion, and the UN Headquarters renovation completed in 2014 cost $2.15 billion. These comparisons were offered to show how large government projects can reach multi-billion-dollar totals.
Implications for Federal Reserve Independence
Powell stated that the investigation felt like retaliation for the Fed setting interest rates independently of the Executive Branch’s preferences, and he framed the potential threat of criminal charges as tied to policy disagreements. The controversy has coincided with record highs in gold, silver, and major U.S. stock indices, a detail cited in coverage of the broader market context. Observers are watching how the dispute between the Fed and political actors may affect public perceptions of central-bank independence.
Почему это важно
Если вы майните в России — от одного устройства до небольшой фермы — прямая связь между этим расследованием и вашей рутиной невелика, но есть несколько моментов, за которыми стоит следить. Во-первых, споры вокруг независимости ФРС могут влиять на большую макроэкономическую картину и волатильность рынков, что косвенно сказывается на цене криптовалют и стоимости оборудования при конвертации в доллары.
Во-вторых, материалы по проекту и публичные заявления, включая редкое видеообращение Пауэлла, формируют информационный фон, который может усиливать рыночные реакции в короткие периоды. Наконец, сравнения с другими дорогими федеральными проектами дают ориентир, почему крупные государственные ремонты достигают много миллиардов — факторы вроде асбеста и сохранения исторической архитектуры реально удорожают работы.
Что делать?
Сфокусируйтесь на практических шагах, которые реально контролируете, и не делайте ставок на политические решения: следите за официальными сообщениями ФРС и за ключевыми экономическими индикаторами, поскольку они задают тон для рынка. Если у вас есть затраты в долларах или оборудование, планируйте бюджет с учётом возможной волатильности и держите финансовую подушку для краткосрочных колебаний.
Также проверьте локальные расходы на энергию и оптимизацию работы оборудования: мелкие улучшения в настройках и учёте потребления часто дают ощутимый эффект. Наконец, для понимания влияния расследования на крипторынок и связанные темы можно посмотреть материалы по Powell investigation and Bitcoin и по Trump's meeting with Powell, которые раскрывают смежные аспекты этого события.
