The Federal Reserve launched a six-minute video tour of the continued renovation undertaking to replace the Marriner S. Eccles constructing and its adjoining Federal Reserve East constructing.
Forward of President Donald Trump‘s go to to the Federal Reserve’s building web site, the historically tight-lipped establishment shared a sequence of pictures on its Flickr web page and launched a six-minute video tour of its ongoing $2.5 billion renovation.
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One photograph, taken in 2018 however shared by the Fed final week, confirmed harm to the roof coating, pooling water and floor cracks.
A lately launched photograph from the Federal Reserve displaying a broken roof coating. (US Federal Reserve / Fox Information)
One other photograph confirmed an uncovered ceiling, building gear and indicators warning of asbestos contained in the Marriner S. Eccles constructing.
The photograph was taken in 2017 however was shared on the Fed’s Flickr web page final week.
A lately launched photograph displaying asbestos remediation on the Federal Reserve’s Eccles constructing. (US Federal Reserve / Fox Information)
Planning to overtake the central financial institution’s two essential buildings—the historic Marriner S. Eccles Constructing and the adjoining Federal Reserve East Constructing—started in 2017.
The buildings have been erected within the Nineteen Thirties and have by no means been absolutely renovated, in response to the Federal Reserve’s web site.
The principle two-story boardroom of the Marriner S. Eccles Federal Reserve constructing throughout a media tour of the renovation of the central financial institution’s headquarters in Washington, D.C., on Thursday, July 24, 2025. (Andrew Harnik/Getty Photos/Bloomberg through Getty Photos / Getty Photos)
In 2021, preliminary estimates for modernizing the Federal Reserve’s headquarters in D.C.’s Foggy Backside neighborhood have been projected at $1.9 billion.
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The undertaking to replace the constructing’s security and accessibility requirements whereas preserving its historic structure broke floor in mid-2022.
The grand atrium of the Marriner S. Eccles Federal Reserve constructing throughout a media tour of the renovation of the central financial institution’s headquarters in Washington, D.C., on Thursday, July 24, 2025. (Andrew Harnik/Getty Photos / Getty Photos)
The renovation price has since climbed to $2.5 billion, making it a latest flashpoint between Trump and Federal Reserve Chairman Jerome Powell.
Powell has beforehand cited inflation, unexpected building challenges and rising materials prices—notably for metal—as key drivers behind the renovation’s escalating price ticket.
The Washington Monument and the Outdated Publish Workplace Tower are seen from the roof of the Marriner S. Eccles Federal Reserve Board Constructing on July 24, 2025, in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
The Fed mentioned in a launch that a few of the unexpected situations that emerged in the course of the renovation embody “extra asbestos than anticipated,” in addition to poisonous contamination within the soil and a sinkhole.
Powell has dismissed Trump administration claims that the continued building on the Fed contains lavish eating rooms, personal elevators and rooftop backyard terraces.
The Washington Monument is seen from the roof of the Marriner S. Eccles Federal Reserve Board Constructing as an enormous renovation continues on the constructing and the 1951 Structure Avenue Constructing in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
“There is no new marble,” Powell informed members of the Senate Banking Committee in June.
“There is no particular elevators. They’re previous elevators which have been there. There are not any new water options. There is no beehives, and there isn’t any roof backyard terraces,” he mentioned flatly.
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Powell additionally informed lawmakers that nobody “needs to do a significant renovation of a historic constructing throughout their time period in workplace.”
“We determined to take it on as a result of, actually, once I was the executive governor, earlier than I grew to become chair, I got here to grasp how badly the Eccles constructing actually wanted a critical renovation,” he mentioned, including that the constructing is “not likely protected” – nor waterproof.
The Marriner S. Eccles Federal Reserve Board Constructing is seen as an enormous renovation continues on the constructing and the 1951 Structure Avenue Constructing in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
In the meantime, the funds to cowl the Federal Reserve’s ongoing renovation are usually not coming from taxpayers’ wallets.
The Fed is self-financing and doesn’t depend on congressional appropriations or taxpayer {dollars} to cowl its working bills, which embody salaries, amenities upkeep and even its present renovation. The Fed’s main earnings stems from curiosity it receives on authorities securities and charges charged to monetary establishments.
An excavator works on the bottom ground of the 1951 Structure Avenue Constructing as an enormous renovation continues on the constructing and the Marriner S. Eccles Federal Reserve Board Constructing in Washington, D.C. (Andrew Harnik/Getty Photos / Getty Photos)
The undertaking is predicted to be accomplished within the fall of 2027. Washington, D.C.-based staff will possible work from the constructing in March 2028.
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