Forex
Fed Watchdog Slams Mismanagement of $2.4B Building Renovation
The Federal Reserve's internal watchdog has released a scathing report on the central bank's mismanagement of a $2.4 billion building renovation project.
The inspector general found that the Fed's Board of Governors and staff made key mistakes, including failing to secure a comprehensive cost estimate at the beginning of the project and not setting a maximum overall cost.
As a result, construction costs more than doubled from an original estimate of $921 million in February 2020 to $2.018 billion by December 2024.
The investigation was sparked by criticism from the Trump administration and Congress, with President Donald Trump even visiting the construction site last July to tout his own management skills.