Brief
Fed inspector general finds no criminal wrongdoing in Powell-era renovation
The audit found poor project management but no evidence of law violations, as President Trump again called for Jerome Powell's resignation.
By Felo News Desk · Published
The Federal Reserve’s inspector general released a report on Wednesday concluding that the costly renovation of two Washington, DC, Fed buildings showed no grounds for a criminal referral or evidence of administrative misconduct.
The project, now estimated at about $2.4 bn after running roughly $1 bn over budget, lacked a "guaranteed maximum price" that would have shifted cost‑overrun risk to the contractor, and design features such as marble and a garden terrace were found not to have materially contributed to the overruns.
President Donald Trump used the renovation costs to pressure former Fed chair Jerome Powell and, after the report’s release, posted on social media urging Powell to resign, saying he "can’t manage a building" and should be sued if he does not step down.
Key facts
- The Fed inspector general found no criminal wrongdoing or administrative misconduct in the renovation. (aljazeera.com)
- The renovation of two Fed buildings in Washington, DC, is now estimated at about $2.4 bn, $1 bn over budget. (aljazeera.com)
- The report cited poor project management, including the absence of a guaranteed maximum price. (aljazeera.com)
- President Trump called for Jerome Powell to resign after the report’s release. (aljazeera.com)
Sources
- [1] aljazeera.com — originally reported as “US Fed watchdog finds no criminal wrongdoing in Powell-era renovation costs”
