costoverruns News & Analysis

Federal Reserve Probe Continues Amid Cost Overruns Over $1 Billion

U.S. Attorney Jeanine Pirro confirmed the DOJ's continued investigation into alleged cost overruns exceeding $1 billion on renovations of two historic Federal Reserve (FederalReserve) buildings. This investigation complicates Kevin Warsh's nomination as Fed chair, as Senator Thom Tillis vowed to block the confirmation until the probe is dropped. A federal judge had previously issued a ruling blocking grand jury subpoenas, which Pirro intends to appeal by May 4. The actual renovation costs, according to President Trump, are approximately $2.5 billion, contrary to his earlier claim of nearly $4 billion.