Federal Reserve renovations criticized by Trump did not violate laws, watchdog finds
Summary
An independent watchdog reviewed the expensive renovations at the Federal Reserve. They found that the higher costs did not break any laws, but poor management was the main reason costs increased a lot.Key Facts
- The Federal Reserve had multi-billion-dollar renovations.
- Cost overruns happened, meaning the expenses went over what was planned.
- The independent watchdog did not find any legal violations related to the cost overruns.
- The watchdog said poor project management caused the increased costs.
- President Donald Trump had criticized the renovations before the report.
- The report focused on how the project was run, not on breaking rules.
- The renovations were a major spending effort to update the Federal Reserve’s facilities.
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