#StablecoinPayments breaking News
Elon Musk is considering sending his Department of Government Efficiency (DOGE) team to investigate the Federal Reserve's $2.5 billion headquarters renovation project in Washington, DC. Musk expressed concerns about the project's rising costs, calling it an "eyebrow-raiser".
*Key Points About the Federal Reserve's Renovation Project:*
- *Cost*: The renovation project's cost has ballooned to $2.5 billion due to rising construction material and labor prices.
- *Project Timeline*: The project began in 2021.
- *Investigation*: Musk's DOGE team may investigate the project as part of a broader effort to cut federal costs under President Donald Trump's administration.
Musk's DOGE team has been tasked with identifying waste and inefficiencies in government agencies. They've been working to ¹:
- *Cut Staff*: Around 80,000 employees signed up for the "Fork in the Road" resignation plan, with about three-quarters having officially left by the end of April.
- *Reorganize Hiring*: Despite an ongoing freeze, 26,000 new hires have filled essential jobs, with many agencies continuing buyouts.
The Federal Reserve, as a private entity, operates using profits from assets it holds, but has been losing money due to rising interest costs. This has prevented it from sending profits back to the Treasury. Critics have raised concerns about DOGE's methods, citing potential security risks and accusations of carelessness with sensitive information ¹.
