Forex
Fed Watchdog Finds Mismanagement in $2.4B Building Renovation
The Federal Reserve's internal watchdog has released a report finding widespread mismanagement in the central bank's $2.4 billion building renovation project, but no evidence of criminal wrongdoing.
The report by the Fed's inspector general said that the Board of Governors and staff failed to secure a comprehensive cost estimate before starting the project, allowing prices to skyrocket after construction began in 2022.
Trump administration prosecutors had previously alleged criminal misconduct related to the renovation, but the watchdog found no evidence to support these claims.