Federal Reserve Renovation Costs Soar Despite No Law Violations Found

An independent watchdog's investigation into the multi-billion-dollar renovations at the Federal Reserve found that cost overruns did not violate federal law. However, the report concluded that poor project management significantly increased costs.

The watchdog attributed the excessive spending to inadequate planning and a lack of transparency in the bidding process.

Richard Escobedo, a CBS News producer, noted that the investigation's findings will likely be scrutinized by lawmakers.