Fed Renovation Costs Soar by $1 Billion Amid Oversight Criticism

The Federal Reserve's Inspector General found no evidence of misconduct in a $2.4 billion renovation project, but did identify lax oversight that contributed to a roughly $1 billion cost overrun.

The report's conclusion drew criticism from President Donald Trump, who called for former Fed chief Jerome Powell's resignation and directed Attorney General Todd Blanche to study the report.

Powell declined to comment on the report, which noted design elements like marble and a garden terrace did not materially contribute to cost overruns.