The 120 page report criticized the overall management of the $2.4 billion renovation but determined that high-gloss design finishes were not a primary driver of cost overruns. While the internal probe found no wrongdoing, the Fed will commission a separate, independent audit of the project to address identified deficiencies.
Wednesday, October 21, 2026
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Fed Watchdog Clears Powell of Misconduct in $2.4B Project
US Politics21 days ago
The Federal Reserve's inspector general found no administrative improprieties or grounds for criminal referrals in the overhaul of the central bank's Washington office. These findings clear Chair Jerome Powell, ending a formal legal threat and resolving a political flashpoint with the Trump administration that had previously involved quashed Justice Department subpoenas.
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