What will be harder for the Fed? Taming inflation or office renovation expenses?
Three downtown Washington office buildings have been renovated at a cost of $2.5 billion. Although the original cost estimate was $1.8 million, the current price has risen by almost 40 percent. Four years late, the project is now expected be completed by 2022. These buildings will be renovated to h
According to a Fed inspector general report, the cost of renovating the Federal Reserve headquarters in Washington has increased by almost $1 billion to $6.4 billion.
The report blamed the cost overruns on "poor planning and execution" by the Fed. The project was originally supposed to cost $2.1 billion and be completed in 2015. But it has been beset by problems, including a shortage of workers, and is now not expected to be finished until 2023.
According to the Fed's inspector general, the renovation of Washington's Federal Reserve headquarters cost $1 billion more than initially planned.
The report blamed the cost overruns on "poor planning and execution" by the Fed. The project was originally supposed to cost $2.1 billion and be completed in 2015. But it has been beset by problems, including a shortage of workers, and is now not expected to be finished until 2023.