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Story summary
- The Federal Reserve (Fed)’s inspector general found the central bank broadly mismanaged the $2.4 billion renovation, but reported no criminal violations.
- The Board never secured a cost estimate or a maximum overall cost for the renovation.
- Renovation costs climbed from a $921 million estimate in Feb 2020 to $2.018 billion by Dec 2024.
- Completion is now projected for Dec 2027, later than the original mid-2024 target.