The inspector general’s investigation into the Federal Reserve’s costly renovation project determined that there was no administrative misconduct after the cost overruns prompted an investigation of former Federal Reserve Chair Jerome Powell amid criticism from President Donald Trump.
The Office of Inspector General for the Federal Reserve’s Board of Governors began investigating the cost overruns at Powell’s request in July 2025. Powell, then the Fed chair, disclosed in January that the Department of Justice opened a criminal probe into his June 2025 testimony before Congress about the renovation project. The U.S. Attorney’s Office closed the investigation in April as the inspector general continued its probe into the matter.
“At no...
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