The review by the Office of the Federal Reserve Inspector General shows that there were management deficiencies in the $2.4 billion renovation project of the Federal Reserve's Washington headquarters, but no criminal evidence was found. The project budget has increased from $1.3 billion in 2020 to $2.4 billion due to design adjustments, changes in construction conditions, inflation, and a lack of bidding for the project. Federal Reserve Chairman Kevin Walsh stated that the Fed will implement the recommendations of regulatory agencies and hire independent auditors to review project costs. This project has been criticized by US President Trump and Republican lawmakers. The monitoring report states that some design elements are not the main reason for the cost increase.
