Fed’s watchdog clears Powell in renovation inquiry
The Federal Reserve’s Inspector General says it found no criminal activity by former Chair Jerome Powell, or others, related to the costly renovation of the central bank’s headquarters.
But in a 120-page report released Wednesday, the Fed’s watchdog did say the nearly $2.5 billion project was poorly managed and lacked budget controls.
President Donald Trump had seized on the project as part of his broader effort to pressure Powell and the Fed to lower interest rates.
The DOJ launched a criminal investigation over whether Powell had misled Congress. That effort was dropped earlier this year after a series of legal setbacks.
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