A Federal Reserve inspector general review found management and oversight failures contributed to major cost increases during the renovation of the central bank’s Washington headquarters, but found no basis for a criminal referral.
The findings could weaken one line of criticism against former Fed Chair Jerome Powell, whom President Donald Trump and other critics accused of mishandling the project and misleading Congress.
The inspector general reviewed material related to Powell’s 2025 Senate testimony but did not make findings of misconduct or address allegations that he perjured himself.
The report also said the Fed’s board was not responsible for day-to-day management of the construction project and would normally delegate such duties.
The review began in July 2025 and had been closely watched amid Trump’s broader criticism of the Federal Reserve.
Related Tweet:
Fed watchdog finds renovation failures, but no grounds for criminal referral https://t.co/F7vT7oT8h8
— CNBC (@CNBC) September 30, 2026
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TIPP Staff
