Fed Watchdog Clears Former Chair Jerome Powell of Criminal Misconduct in Headquarters Renovation

An independent review by the Federal Reserve's Office of Inspector General has cleared former Fed Chair Jerome Powell of criminal wrongdoing and administrative misconduct regarding the central bank's headquarters renovation. The watchdog found no violations of federal criminal law, attributing cost overruns to internal project management weaknesses and design changes rather than criminal deceit. The renovation budget increased from an initial $1.317 billion in 2020 to $2.381 billion, while completion was pushed to December 2027. The findings resolve legal scrutiny surrounding Powell, who continues serving on the Board of Governors.