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Fed watchdog finds mismanagement, not crime, in $2.5B 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 poor management, rather than criminal conduct, drove the soaring cost of the Fed headquarters renovation, now estimated at $2.5 billion and several years behind. The OIG recommends the Fed set a guaranteed maximum price for the project to contain further overruns and tighten oversight.

Why now: The finding settles questions about possible wrongdoing in a high-cost, long-running federal renovation, fueling debate over accountability at the Fed.

Federal ReserveOffice of Inspector GeneralFed headquarters renovation

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• 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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