CHAIRMAN SCOTT WELCOMES FEDERAL RESERVE INSPECTOR GENERAL REVIEW OF COST OVERRUNS

The following information was released by the U.S. Senate Committee on Banking, Housing, and Urban Affairs:

Senate Banking Committee Chairman Tim Scott (R-S.C.) issued the following statement after U.S. Attorney Jeanine Pirro announced that the Department of Justice is closing its investigation into cost overruns related to the Federal Reserve's headquarters renovation project and deferring to a review by the Federal Reserve's Office of Inspector General:

"As I've said from the beginning, the American people deserve answers about the unacceptable cost overruns at the Federal Reserve. These serious concerns warrant scrutiny, and I'm pleased this matter is continuing to receive it. I welcome the Inspector General's review and expect a full accounting of how these costs spiraled out of control. The Senate Banking Committee will continue conducting aggressive oversight to ensure taxpayers get the transparency and accountability they deserve, and I am inviting the Inspector General to brief the Committee within the next 90 days on its findings. The Federal Reserve should be focused on price stability, not costly mismanagement," said Chairman Scott.