Fed Renovation Project Marred by Mismanagement

The Federal Reserve's internal watchdog has found that the agency mismanaged its $2.4 billion building renovation project.

The inspector general said the Board of Governors made several key mistakes, including failing to secure a comprehensive cost estimate at the beginning of the project and not setting a maximum overall cost.

This led to inflated costs and potentially forced the contractor to accept higher prices.

The watchdog did not find any evidence of criminal wrongdoing as alleged by Trump administration prosecutors.