WASTE REPORT: Sen. Paul critical of overrun at Federal Reserve office

In the latest edition of his Waste Report, U.S. Sen. Rand Paul is sounding the alarm on the Federal Reserve's $600 million cost overrun for renovations to its Washington, D.C. headquarters — now expected to cost taxpayers $2.5 billion.

"What should have been a routine renovation at the Federal Reserve, aka Powell's Palace, has now ballooned into a $2.5 billion boondoggle," Paul said in a statement released by his staff. "What was supposed to cost $1.9B in 2019 is now $600M over budget — and still going. Seven years later."

Despite backlash, the Fed now claims luxury features were scaled back, but still concedes the renovations include conference rooms and elevators for VIPs.

Paul's report slams the lack of transparency and oversight at the Fed, which remains shielded from a full audit by Congress or the Government Accountability Office. The Waste Report notes that this lack of accountability would be unacceptable in any other agency.

A Kentucky Republican, Paul continues to call for passage of his Federal Reserve Transparency Act, better known as Audit the Fed, to bring long-overdue scrutiny to one of the most secretive institutions in government.