According to CoinMeta, a supervisory report by the Federal Reserve indicates that no administrative misconduct was found in the Federal Reserve's Washington office building project, but there were shortcomings in management. The report mentions that management issues, including the failure to effectively implement the "maximum guaranteed price" clause, inflation, limited bidding by subcontractors, changes in board design, and conditions at the construction site, contributed to increased costs. Some of these cost overruns could have been avoided through more effective project management. Federal Reserve Chairman Jerome Powell stated that Edward Foster, the Administrator of the General Services Administration, has been appointed as the project leader to ensure the renovation project is completed successfully and promptly. The report also points out that some elements of the renovation design did not contribute substantially to functionality but still led to cost overruns. Powell said that he will follow the inspector general's recommendations on project management and hire an independent auditing firm to verify the accuracy and compliance of the contracts. The Federal Reserve Board, together with Foster, will establish fixed indicators, budgets, and timelines for the remaining parts of the project.