US Fed watchdog finds no criminal wrongdoing in Powell-era renovation costs
A Federal Reserve inspector general report found no criminal wrongdoing in the $2.4bn renovation of Fed buildings, despite significant management shortcomings. The project had previously been used by President Trump as a basis to pressure former Fed Chair Jerome Powell.
Why it matters
The findings clear the Fed of criminal allegations, potentially neutralizing a political narrative used to challenge the independence of the central bank.
Trump said former Fed chair Jerome Powell should resign anyway.
x whatsapp-stroke copylink google Add Al Jazeera on Google info Federal Reserve Board Governor and former chair, Jerome Powell, speaks after receiving the 2026 John F. Kennedy Profile in Courage Award at the John F. Kennedy Presidential Library and Museum in Boston, Massachusetts [Brian Snyder/Reuters] By Al Jazeera Staff and Reuters Published On 30 Sep 2026 30 Sep 2026 The Federal Reserve’s inspector general has found no grounds for a criminal referral or evidence of administrative misconduct tied to a costly United States central bank renovation project that became a focal point of President Donald Trump’s pressure campaign against former Federal Reserve Chair Jerome Powell.
The watchdog released its findings on Wednesday after reviewing the renovation of two venerable Fed buildings in Washington, DC. The project has run roughly $1bn over budget, bringing its estimated cost to about $2.4bn.
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