Chairman Scott Statement on Federal Reserve Inspector General Report

Washington, D.C. — Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement on the Federal Reserve Office of Inspector General’s report examining cost overruns related to the Federal Reserve’s headquarters renovation project:

“In April, I called for a full accounting of the egregious cost overruns from the Federal Reserve’s building renovation, and today, I welcome the Inspector General’s report. Inflation does not change the Fed’s responsibility to manage its resources prudently and be accountable to Congress. This Committee will continue rigorous oversight to ensure the Fed is transparent and stays focused on its mission,” said Chairman Scott.