Fed IG: CFPB office renovation skyrockets to $215 million

The regulatory bureau that holds accountable all before them is being called to account for the hundreds of millions it is spending to renovate and decorate its rented headquarters on G Street.

A report from the Federal Reserve’s Inspector Generalshows that the cost of renovating the Consumer Financial Protection Bureau’s rented headquarters has spiraled to more than $215 million – $65 million more than the agency’s estimate just six months ago and $120 million more than last year’s estimate.

It also equals more than $590 per square foot being renovated at the CFPB.  That means the CFPB is spending much more per square foot than it cost to build the Trump World Tower ($334/square foot) or the Burj Khalifa in Dubai ($450/square foot), according to congressional leaders critical of the CFPB’s unchecked spending.

Just weeks ago, CFPB Director Richard Cordray described the building as “a dump” in testimony before Congress.

Read on.

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