Controversy builds at U.S. consumer protection bureau

Watchdog reports:

Costly building renovations at the U.S. Consumer Financial Protection Bureau are raising more congressional concerns that the agency is out of control.

A government report pegs the price of the work at $210 million — $120 million more than initial estimates, with off-site leasing costs included.

“That’s more per square foot than the Bellagio hotel-casino in Las Vegas,” said John Berlau, a senior fellow at the Competitive Enterprise Institute.

And, critics add, CFPB doesn’t even own the building.

The Office of Inspector General for the Board of Governors of the Federal Reserve Board found that “approval of funding for the renovation was not in accordance with the CFPB’s current policies for major investment.”

It's pretty amazing that they are financed by the Federal Reserve Board not Congress. How creepy is that?