Fed Renovation Costs Exceed Original Budget by Over 200%

A report from the Federal Reserve's internal watchdog has found no evidence of criminal violations in the management of a $2.4 billion renovation project at its Washington DC headquarters.

The renovation costs have more than doubled since February 2020, from an initial budgeted amount of $921 million to over $2.018 billion by December 2024.

The Fed's board of governors has been criticized for mismanaging the project and deviating from its cost-management provisions. However, the watchdog report found that these actions were not criminal in nature and did not constitute administrative misconduct.

The renovation project has been a contentious issue between the White House and the Federal Reserve, with President Trump previously suggesting that it was corrupt due to the inclusion of features such as a VIP dining room and garden terrace.