Fed Mismanages $2.4 Billion Building Renovation Project

The Federal Reserve's internal watchdog has found that the central bank mismanaged its $2.4 billion building renovation project, but did not uncover any criminal wrongdoing.

The inspector general's report said the Fed's Board of Governors and staff made a series of missteps that inflated the cost of the project, including failing to secure a comprehensive cost estimate at the beginning of the project.

The construction costs more than doubled from an original estimate of $921 million in February 2020 to $2.018 billion by December 2024.