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Fed watchdog blames mismanagement for $2.5B headquarters renovation

Original: Fed watchdog finds mismanagement, not criminality, in $2.5B renovation The Fed should establish a guaranteed maximum pri

The Federal Reserve's inspector general has concluded that chronic mismanagement, rather than criminal conduct, drove the ballooning cost of the central bank's $2.5 billion headquarters renovation, a project now several years behind schedule. The watchdog recommended the Fed establish a guaranteed maximum price contract to control expenses. Critics have long seized on the renovation's rising price tag, and the finding is likely to fuel renewed debate over the Fed's internal governance and accountability.

Why now: Renewed scrutiny of the Fed's cost overruns and management practices after the inspector general's findings became public.

Federal ReserveOffice of Inspector General

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Evidence

• Fed watchdog finds mismanagement, not criminality, in $2.5B renovation The Fed should establish a guaranteed maximum price for its renovation project, which is now several years in, the OIG said. https://www. bankingdive.com/news/fed-watch… · AlexJimenez@mas.to · 1

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