The Federal Reserve's internal watchdog, led by Inspector General Michael Horowitz, released a report stating that former Federal Reserve Chair Jerome Powell and other Fed officials did not violate criminal law in relation to the central bank's multimillion-dollar renovation project. The report noted that the central bank has not effectively executed the construction management risk contract associated with the project.
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Federal Reserve watchdog reports no criminality in renovation investigation
The Federal Reserve's internal watchdog concluded that there was no criminal wrongdoing by former Chair Jerome Powell or Fed officials regarding the central bank's renovation project. The report highlighted issues with the execution of the construction management risk contract.
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Fed watchdog finds no criminality in renovation probe
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Federal Reserve watchdog reports no criminality in renovation investigation