The U.S. Federal Reserve (Fed) oversees the inefficient building renovation project, causing the budget to far exceed the originally approved level, according to a report dated September 30 by the Fed’s internal oversight body.

The Fed Board of Governors approved a $1.3 billion budget for the project in 2020. By December 2024, the budget increased to $2.4 billion; the construction portion alone rose from $921 million to $2 billion.

Report identifying project deficiencies in management. The Fed Board of Governors has not yet applied many of the available measures to better control costs. The reasons behind the sharp increase in the budget include inflation, non-competitive tendering, and design changes.

However, the supervisory agency did not detect any violations of federal criminal law in the renovation project, and also determined that there were no administrative violations.

Source: https://tintucbitcoin.com/fed-quan-ly-yeu-kem-khien-chi-phi-cai-tao-tru-so-vuot-du-toan/

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