An audit released on Wednesday by the Federal Reserve Inspector General regarding the controversial cost of renovating the Consumer Financial Protection Bureau’snew headquarters says that “construction costs are reasonable” and that controls for oversight are designed appropriately.
The report, entitled “CFPB Headquarters Construction Costs Appear Reasonable and Controls Are Designed Appropriately” can be read here.
“We are pleased that the report found that the construction costs for the bureau’s headquarters’ renovation appear reasonable and that we have designed and implemented appropriate controls for approving, managing, and documenting renovation costs and project decisions,” says CFPB CFO Stephen Agostini, in the text of the report.
The CFPB’s $216 million renovation of a $150 million building that it is leasing has been a constant point of attack for conservatives in Congress for more than a year.