00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Federal Reserve's inspector general found that management and oversight failures contributed
00:06to major cost overruns in the central bank's headquarters renovation, but found no grounds
00:11for a criminal referral, according to CNBC. The project's estimated cost rose from $1.3 billion
00:17in 2020 to a board-approved $2.4 billion as of August 2026. Construction costs rose by $960
00:25million. The report also found the Fed failed to enforce a guaranteed maximum price and
00:30did not adequately escalate rising costs to senior leadership. President Trump responded
00:35by calling for former Fed Chair Jerome Powell to resign from the board of governors.
00:39Fed Chair Kevin Warsh said the central bank would adopt the report's recommendations
00:43and conduct a full audit of the renovation.
00:45For all things money, visit Benzinga.com.
