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Fed watchdog finds no misconduct in nearly $2.5 billion renovations

The independent inspector general said the nearly $2.5 billion construction project was poorly managed, but it made no referrals to the U.S. attorney general.

Reported · Written up by our desk · Economy

The New York Times reports that the Federal Reserve’s independent inspector general issued a report finding no misconduct or illegal activity tied to a costly construction and renovation effort.

According to the report, the nearly $2.5 billion project was poorly managed.

The inspector general also concluded there was no referral to the U.S. attorney general despite the management problems.

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