Federal Reserve Watchdog Clears Jerome Powell in Headquarters Renovation Probe

A 120-page report from the Federal Reserve’s inspector general has found no evidence of criminal activity or administrative misconduct by Jerome Powell regarding the $2.4 billion headquarters renovation project. While the report criticizes the Fed's internal project management, design changes, and failure to establish a guaranteed maximum price, it concludes that political allegations of luxury spending were unfounded. The project's budget increased from $1.317 billion in 2020 to $2.381 billion by December 2024, with completion now expected in December 2027.