Rooftop gardens for bureaucrats, higher mortgage rates for working families. The Federal Reserve has lost sight of its mission — and of the people it's supposed to serve.

Rumors have picked up in recent weeks about Federal Reserve Chairman Jerome Powell’s future. Some expect President Trump to fire him. Others think Powell may step down on his own. Either way, the speculation points to a larger problem: Powell and the Fed have lost touch with the realities facing ordinary Americans.

Powell’s refusal to lower interest rates, despite direct pressure from the White House, is just the start. The deeper issue is the Fed’s glaring hypocrisy. It preaches fiscal restraint while spending lavishly — most notably on a $2.5 billion office renovation.

The Fed has become increasingly disconnected from the needs of the American people.

This kind of waste raises serious questions about the Fed’s credibility. How can the central bank warn the public about debt and overspending while burning billions on luxury upgrades?

The Federal Reserve has spent years warning about the dangers of excessive government debt. It insists higher interest rates are necessary to curb inflation and keep the economy from overheating. The message is simple: Control spending or risk a financial crisis.

But the Fed doesn’t follow its own advice.

While millions of Americans struggle with high prices, ballooning mortgages, and record credit card debt, the Fed overspent $700 million on a top-to-bottom renovation of its D.C. headquarters. The upgrades include a rooftop garden and decorative water features.

Yes, water features.

The hypocrisy is hard to ignore. The same institution that lectures the public on fiscal discipline is more than happy to greenlight luxury amenities for itself. If the Fed believed a word of its own rhetoric, it would lead by example.

Instead, it spends like a bloated federal agency while scolding taxpayers for doing the same. Its calls for restraint ring hollow — and Americans know it.

Failure to lead

The Fed’s primary role is to ensure the stability of the financial system and provide guidance to the U.S. economy. Yet, it has shown no willingness to practice the same fiscal restraint it urges on the rest of us.

If the Fed were truly concerned about the nation’s financial health, it would have used this money for something more productive — like investing in programs to reduce debt, support economic growth, or ease the burden on taxpayers.

Anna Moneymaker / Staff | Getty Images

Time for accountability

Instead, the Federal Reserve has chosen to prioritize its own image and comfort. The $2.5 billion renovation comes at a time when the economy is struggling to recover from the pandemic's effects, high inflation, and rising debt. While the Fed continues to push for higher interest rates, making borrowing more expensive for businesses and consumers, it’s simultaneously indulging in luxuries that most Americans would never dream of.

Jerome Powell’s refusal to lower interest rates is just one symptom of a larger issue within the Fed. The institution has become increasingly disconnected from the needs of the American people. The American people need a Federal Reserve that leads by example — one that practices the fiscal responsibility it preaches to others.

If the Fed cannot demonstrate fiscal discipline, it must be held accountable. That starts at the top. Powell needs to go.

This article originally appeared on TheBlaze.com.