Federal Reserve Investigating CFPB’s Bloated Renovation Costs
February 18, 2014
WASHINGTON, D.C. — Federal Reserve investigators will conduct a review of the costs associated with the Consumer Financial Protection Bureau (CFPB)’s renovation of its headquarters, which have ballooned to three times the original estimate, reports the Washington Examiner.
The renovation costs for the project were initially estimated at $55 million, but at a hearing on Jan. 28, CFPB Director Richard Cordray announced that the costs are now hovering around $145 million.
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