Fed Renovation Project Plagued by Mismanagement, Not Crime
The Federal Reserve Board's multibillion-dollar renovation project has been plagued by mismanagement and cost overruns, but an investigation by the Office of the Inspector General found no evidence of criminal wrongdoing.
According to a report released on October 1, 2026, the Fed failed to obtain a guaranteed maximum price for the project until January 2024, more than three years after construction started. By that time, costs had already ballooned from $1.3 billion in 2020 to over $2 billion.
President Donald Trump and Sen. Elizabeth Warren (D-MA) were quick to weigh in on the report's findings, with Trump calling for Fed Chair Jerome Powell's resignation and Warren urging Congress to improve transparency and accountability at the Federal Reserve.