As of 2022, the Fed's multi-level headquarters renovation project has reached a price of $2.5 billion, a figure that has been fixed at higher costs on building materials and labor costs since 2021, as inflation begins to soar. “That's an eyebrow lifter,” Musk said.
Musk spoke in the White House Roosevelt Room on Wednesday, just after the Wall Street Journal reported that Tesla's board of directors had held talks with a search company to find the next CEO of the EV maker. Tesla Chairman Robyn Denholm later called the report “absolutely false” in a post on X.
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Ostensibly, the campaign was to promote the success of his government's efficiency ministry efforts, after Musk told investors a week later he would retreat from Washington's time and spend more time on Tesla's sales and share prices falling while Tesla's share prices fell. The Fed does not rely on Congressional currency to cover the real money of its business because of the revenue generated by securities held on its balance sheet. However, in recent years, central banks have fallen into deficits as interest expenses increase, attracting Musk's scrutiny.
Musk's suggestion is the latest example of how President Donald Trump intends to generate more control over the Independent Central Bank, a move that could harass investors who rely on the Fed to control inflation.
