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【Poor management by the Federal Reserve causes cost overruns in headquarters renovation, but no one violated federal criminal law】

The internal watchdog of the U.S. Federal Reserve Board September 30 issued a report stating that the Federal Reserve failed to effectively oversee its headquarters renovation project, resulting in substantial cost overruns, but that no one violated federal criminal law in connection with the project. According to reports by The Washington Post and the Financial Times, the Federal Reserve Board 2020 approved the 1300000000 USD budget for the headquarters renovation project. As of 2024 December, the project's budget had surged to 2400000000 USD, with the construction budget alone rising from 921000000 USD to 2000000000 USD. Factors behind the sharp increase in the project budget included inflation, insufficient competitive bidding, and design changes. The report said the project had “management deficiencies” and that the Federal Reserve Board failed to take “multiple available measures” to better control costs, but found no “administrative misconduct.”