US Fed watchdog finds no criminal wrongdoing in Powell-era renovation costs

The US Federal Reserve's inspector general found no grounds for criminal charges or misconduct related to a costly renovation of two Fed buildings in Washington, which exceeded its budget by about $1 billion, reaching approximately $2.4 billion. The report criticized the Fed's management for not establishing a guaranteed maximum price that would have shifted responsibility for overruns to the contractor, but noted that design features criticized by the White House did not materially contribute to the overruns. Donald Trump had repeatedly used the costs to attack Jerome Powell, but a Department of Justice investigation was closed earlier this year, confirming no misconduct.