The US Federal Reserve's internal oversight agency released a report on September 30 saying that the Federal Reserve failed to effectively monitor its headquarters building renovation project, causing the project to be greatly overspent, but no one violated federal criminal law in the renovation project. According to the US “Washington Post” and the British “Financial Times”, the Federal Reserve Board of Governors approved a budget of 1.3 billion US dollars for the headquarters building renovation project in 2020. As of December 2024, the project's budget had soared to $2.4 billion, with the construction budget alone rising from $921 million to $2 billion. The reasons for the sharp rise in the project budget include inflation, insufficient bidding, design changes, etc. According to the report, the project had “management flaws” and the Federal Reserve Board failed to take “a number of available measures” to better control costs, but there was no “administrative misconduct.”

The US Federal Reserve's internal oversight agency released a report on September 30 saying that the Federal Reserve failed to effectively monitor its headquarters building renovation project, causing the project to be greatly overspent, but no one violated federal criminal law in the renovation project. According to the US “Washington Post” and the British “Financial Times”, the Federal Reserve Board of Governors approved a budget of 1.3 billion US dollars for the headquarters building renovation project in 2020. As of December 2024, the project's budget had soared to $2.4 billion, with the construction budget alone rising from $921 million to $2 billion. The reasons for the sharp rise in the project budget include inflation, insufficient bidding, design changes, etc. According to the report, the project had “management flaws” and the Federal Reserve Board failed to take “a number of available measures” to better control costs, but there was no “administrative misconduct.”