The Federal Reserve's internal watchdog released a report on September 30 concluding that while the Fed failed to effectively oversee its headquarters renovation, no federal criminal laws were violated despite significant budget overruns. The Board of Governors approved a $1.3 billion budget in 2020, but costs ballooned to $2.4 billion by December 2024, with construction expenses alone rising from $921 million to $2 billion due to inflation, inadequate competitive bidding, and design changes. The report identified "management deficiencies" and noted that the Board of Governors failed to adopt multiple available measures to better control costs. However, investigators determined there was no administrative misconduct associated with the project's financial mismanagement.