Federal Reserve (FED) · Jerome Powell · DOJ · Donald Trump · Axios
Fed watchdog clears former chair Powell in renovation probe
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A Federal Reserve watchdog found no criminal wrongdoing by former chair Jerome Powell in its investigation of the central bank's expensive headquarters renovation, according to a report released on Wednesday.
Key facts
- Yes, but: While the report clears Powell, it faults Fed management and oversight of the project as construction costs more than doubled to $2.5 billion
- The Justice Department's investigation centered on Powell's June 2025 testimony to Congress about the renovation and its rising costs
- A Federal Reserve watchdog found no criminal wrongdoing by former chair Jerome Powell in its investigation of the central bank's expensive headquarters renovation, according to a report released
- The findings effectively clear Powell after the Justice Department opened an unprecedented criminal investigation into then-Fed chair, which became public in January
Summary
The findings effectively clear Powell after the Justice Department opened an unprecedented criminal investigation into then-Fed chair, which became public in January. What they're saying: "At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the U.S. Attorney General," the Office of Inspector General wrote in the report. The watchdog added that it "did not identify administrative misconduct during their evaluation. Yes, but: While the report clears Powell, it faults Fed management and oversight of the project as construction costs more than doubled to $2.5 billion.