Fed Watchdog Clears Renovation Project of Criminal Wrongdoing

The Federal Reserve's Office of the Inspector General has released a report on its evaluation of the central bank's ongoing renovations to its Washington, D.C. headquarters.

No criminal violations were found in connection with the renovation project, but the report identified areas for improvement in project management capabilities.

The renovation project had been criticized by then-President Donald Trump for cost overruns and mismanagement, which led to a review of the project's oversight and associated costs.

The OIG found that inflation, limited subcontractor bidding, substantial Board design changes, and site conditions contributed to significant construction cost increases.