IG: Fed awarded more than $2B in renovation work without guaranteed maximum price
The Fed’s inspector general found the central bank did not set a guaranteed maximum price before awarding more than $2 billion in construction work for its headquarters renovation.
The Federal Reserve awarded more than $2 billion in construction work on its headquarters renovation without establishing a guaranteed maximum price, the central bank’s inspector general found. The inspector general reported the omission in its review of the renovation project.