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.