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I’m Not Mad The Fed Renovation Costs Billions, I’m Mad It’s Ugly

Like most Americans, I’m fairly numb to the breathtaking orders of magnitude by which the federal government wastes my money, so the $2.5 billion price tag on the Federal Reserve’s renovation project is mostly unremarkable to me. I’m not saying it should be — I’m just saying you could do the renovations more than three times over with the money a handful of Somali scam artists apparently stole in Minnesota.

So my biggest beef with Jerome Powell isn’t that he can’t stick to a budget (who among us hasn’t come in half a billion over our estimated expenses?). It’s that he’s spending more than the GDP of a small country on a renovation that’s exceptionally ugly.

The main Fed building — renamed the Eccles Building in 1982 — was completed in 1937 and built to house the Federal Reserve’s Board of Governors. The portfolio of its French-educated architect, Paul Philippe Cret, includes war memorials in France, Belgium, and the United States, D.C.’s Folger Shakespeare Library, art museums, and the UT-Austin Tower.

Cret was trained in the Beaux-Arts style, which he blended with the muted classical (sometimes called Stripped Classical) style that responded to the economic hardships of the 1930s by paring down lavish ornamentation. While understated, the Eccles Building has strong neoclassical silhouettes and was ornamented with intricate sculptures, ironwork, and details such as a large mural map in the boardroom: