FACT CHECK: Did The Federal Reserve Put Up Walls Around Its Building Ahead Of The 2022 Midterms?
A post shared on Facebook purports the Federal Reserve raised barricades around its main building, sparking concerns about a future crash.
The walls around the Federal Reserve are part of an ongoing construction project that was approved in 2021. They do not suggest a crash or significant event will occur.
The Federal Reserve recently raised interest rates 75 basis points too its highest level since 2008, while signaling a slowing in pace at the next meeting, according to CNBC. Some investors are worried that rates could go as high as 6 percent, a level not seen in 20 years, The Wall Street Journal reported.
A Facebook post purports walls have been constructed around the Federal Reserve building ahead of a potential significant event, though it does not show when the photo was taken. The claim was also posted to Twitter, where it garnered over 6,700 retweets.
“Reinforced walls have been put around the Federal Reserve headquarters building!!” the post reads. “Ya’ll better pull out some money from your bank accounts just in case!! Do they know something that we don’t!!!???”
The walls around the building are part of an ongoing construction project approved by the National Capital Planning Commission in September 2021. The project includes renovation and expansion of the Eccles Building and the FRB-East Building.
The walls around the building are in accordance with the timeframe of construction. The National Capitol Planning Commission schedule states “Full construction starting with foundation work is expected to begin towards the end of 2021 or early 2022 with an estimated duration of 50 months.” (RELATED: Does Prop 2 In Michigan Allow Felons To Vote?)
Check Your Fact has reached out to the Federal Reserve for a comment and will update this piece accordingly if one is received.
This is not the first time misinformation about a government has been spread online. Check Your Fact recently debunked a claim the World Economic Forum would oversee an Australian state election.