Alleges that Federal Reserve mismanagement led to cost overruns in the headquarters building renovation.

The Federal Reserve's internal watchdog said in a report on September 30 that the Fed failed to effectively oversee the renovation of its headquarters building, leading to significant cost overruns, but no one committed a federal crime in the renovation project. According to The Washington Post and the Financial Times, the Federal Reserve Board approved a $1.3 billion budget for the headquarters building renovation project in 2020. By 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 increase in the project budget include inflation, inadequate bidding, and design changes. The report said the project had "management deficiencies," and the Federal Reserve Board failed to take "multiple available measures" to better control costs, but there was no "administrative misconduct."