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US Senator Scott requests Fed inspector general testify on Fed renovation cost probe

BY Reuters | ECONOMIC | 04/24/26 01:13 PM EDT

April 24 (Reuters) - The head of the Senate Banking Committee has requested the Federal Reserve's inspector general, an in-house watchdog, update legislators about the state of a probe into cost overruns at the central bank's headquarters.

"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," Republican Senator Tim Scott said in a press release on Friday. (Reporting by Michael S. Derby; Editing by Chris Reese)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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