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Federal Reserve awarded $2B renovation contract without guaranteed price
Original: Fed awarded $2B on renovation without a guaranteed price
The Federal Reserve has been awarded roughly $2 billion for a building renovation project without a guaranteed maximum price, according to reporting by The Center Square. The arrangement means taxpayers could bear the risk of cost overruns on the work, a structure critics often flag as unusual for contracts of this size.
Why now: A multibillion-dollar contract lacking a fixed price cap raises concerns about accountability and taxpayer risk.
Federal ReserveThe Center Square
Evidence
- Fed awarded $2B on renovation without a guaranteed price · The Center Square
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