The Federal Reserve’s inspector general said Wednesday it found no reasonable grounds to believe federal criminal law was violated in the renovation of the central bank’s Washington headquarters, clearing former Chair Jerome Powell of criminal wrongdoing.
The watchdog’s report found deficiencies in how the Board of Governors managed the project, including problems with contract execution and cost controls. PBS reported the renovation cost $2.4 billion, while CBS News and the New York Post put the figure at $2.5 billion. The inspector general said the board did not obtain a comprehensive initial cost estimate or set an overall maximum cost; construction began in 2022, according to PBS.
President Trump had criticized the work, and said Wednesday that he asked Attorney General Todd Blanche to study the inspector general’s findings and make a determination. NBC News reported the renovation is expected to be completed in late 2027.