Fed Renovation Cleared

Inspector general report finds former Fed Chair Jerome Powell broke no laws in renovations.

A review by the Federal Reserve's inspector general has found that then-Chair Jerome Powell did not break the law or commit misconduct in his management of the costly project, despite President Donald Trump's attempts to pressure him to resign. The report also sharply criticized the Fed's board for allowing the price tag to exceed $2 billion. The findings refute allegations that Powell had been criminally negligent in his oversight of the renovations. The criticism led to congressional scrutiny and prompted the Justice Department to open a criminal probe into Powell before backlash from some Republican lawmakers. Fed Chair Kevin Warsh, who took over in May, concurred with the review's findings and committed to conducting an independent audit of the project’s contractor.

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