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September 30, 2026
Federal Reserve's Renovation Costs Rise to $2.018 Billion Amid Mismanagement Report
- The Federal Reserve's renovation costs have escalated from an initial estimate of $921 million to $2.018 billion, with completion now expected in December 2027.
- The inspector general's report criticized the Board of Governors for failing to establish a comprehensive cost estimate and for ineffective management, leading to significant cost overruns.
- The report confirmed no evidence of criminal wrongdoing, despite previous allegations, and highlighted that extravagant expenditures were not the primary drivers of cost increases.
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10 Sources
- Watchdog finds no criminality in Fed renovation that drew Trump’s scrutinySep 30, 2026 at 5:00 PM · NBC
- Fed watchdog finds no laws broken in $2.5 billion Fed renovations Trump has called "disgraceful"Sep 30, 2026 at 5:00 PM · CBS News
- The Fed's building renovations and Trump's push to oust PowellSep 30, 2026 at 5:11 PM · Reuters
- Fed watchdog finds renovation failures, but no grounds for criminal referralSep 30, 2026 at 5:15 PM · CNBC
- Watchdog finds deficiencies but no Fed misconduct in Powell-era renovation projectSep 30, 2026 at 5:19 PM · Reuters
- No criminal wrongdoing in Federal Reserve building renovation, watchdog says, but it was mismanagedSep 30, 2026 at 5:31 PM · ABC News
- Fed watchdog finds no criminality in renovation probeSep 30, 2026 at 5:38 PM · The Hill
- Federal Reserve watchdog finds no criminal violations for building renovation cost overrunsSep 30, 2026 at 5:49 PM · The Guardian
- Fed watchdog clears former chair Powell in renovation probeSep 30, 2026 at 5:54 PM · Axios
- No criminal wrongdoing in $2.5Bn Federal building renovation but it was mismanaged, watchdog findsSep 30, 2026 at 5:59 PM · Independent