[Federal Reserve's Mismanagement Leads to Headquarters Renovation Overruns, but No Federal Criminal Law Violations] Odaily Planet Daily News – A report released by the Federal Reserve's internal watchdog on September 30 stated that the Federal Reserve failed to effectively oversee its headquarters renovation project, resulting in significant cost overruns, but no federal criminal laws were violated during the project. According to reports from *The Washington Post* and the *Financial Times*, the Federal Reserve Board approved a $1.3 billion budget for the headquarters renovation project in 2020. As of December 2024, the project's budget has surged to $2.4 billion, with the construction budget alone rising from $921 million to $2 billion. Reasons for the budget increase include inflation, insufficient competitive bidding, and design changes. The report noted that the project exhibited "management deficiencies," and the Federal Reserve Board failed to take "several available measures" to better control costs, but there was no evidence of "administrative misconduct." (*Xinhua News Agency*)