Fed Inspector General Clears Powell in HQ Renovation Controversy

The Federal Reserve's headquarters renovation project has been at the center of controversy for months, with President Trump accusing former Fed Chair Jerome Powell of mismanaging the project. However, a recent inspector general review found no evidence that Powell broke the law or committed misconduct in his management of the project.

The report, released on Wednesday, concluded that while the Fed's board did make mistakes in managing the project, including failing to set price caps and monitor costs closely enough, there was no indication that any laws were broken. The inspector general wrote that 'we did not find reasonable grounds to believe that a violation of federal criminal law had occurred.'

The report also found that one heavily scrutinized aspect of the renovations - the water fountains, marble restoration, and other flourishes - did not contribute to the cost overruns.

Despite the findings, President Trump has continued to criticize Powell and the Fed, calling for him to resign and threatening a new investigation if he refuses. The president also asked Attorney General Todd Blanche to review the report and determine 'what to do' about the Fed headquarters.