Fed's 'Palace of Versailles' HQ Overhaul Costs Soar to $2.5 Billion

A scathing watchdog report has blasted the Federal Reserve for mismanaging its 'Palace of Versailles' headquarters renovation project, which ballooned from an initial $921 million to a staggering $2.5 billion.

The Inspector General's review found that Fed bosses employed a pay-as-you-go approach, allowing costs to skyrocket without a clear cost ceiling or spending limit.

The report also cleared former Fed Chair Jerome Powell of any criminal wrongdoing, but President Donald Trump has called for an investigation and said Powell should be forced to resign from the Board.