[Report says the Federal Reserve’s poor management led to overruns in the renovation of the headquarters building] October 1st, the U.S. Federal Reserve Board’s internal watchdog released a report on September 30 stating that the Federal Reserve failed to effectively supervise its headquarters building renovation project, resulting in significant overruns on the project, but no one violated federal criminal laws during the renovation project. According to reports from the Washington Post and the Financial Times, the Federal Reserve Board of Governors approved a US$1.3 billion budget for the headquarters building renovation project in 2020. As of December 2024, the project's budget has soared to $2.4 billion, with the construction budget alone rising from $921 million to $2 billion. Reasons for large increases in project budgets include inflation, inadequate bidding, design changes, etc. The report said the program suffered from "management deficiencies" and that the Fed's Board of Governors failed to take "multiple available measures" to better control costs, but that there was no "administrative misconduct." (Xinhua News Agency)