(Headline USA) The Federal Reserve’s internal watchdog said Wednesday that the central bank has broadly mismanaged an expansive building renovation project but did not find any criminal violations, as alleged by Trump administration prosecutors.
A variety of missteps by the Fed’s Board of Governors and staff inflated the cost of the $2.4 billion renovation, the Fed’s inspector general said. The board did not secure a comprehensive cost estimate at the beginning of the project, nor did it nail down a maximum overall cost, a step that could have forced the building contractor to absorb the impact of inflation, the IG said in a 120-page report. Prices spiked after construction began in 2022.
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