Fed Renovation Probe Finds No Evidence of Wrongdoing

The Federal Reserve's independent watchdog found no evidence of criminality in a multibillion-dollar renovation project that drew scrutiny from President Donald Trump and his administration.

The Office of the Inspector General for the Board of Governors of the Federal Reserve System concluded its investigation, which was sparked by a year-long review into the construction site on the central bank's Washington D.C. campus.

Although the watchdog identified several issues with project management, including a lack of effective execution and cost-management provisions, it did not find any reasonable grounds to believe that a violation of federal criminal law had occurred.

The investigation was launched after Trump's Office of Management and Budget director, Russell Vought, wrote a letter to Fed Chair Jerome Powell saying the president was 'extremely troubled' by his management of the Federal Reserve System.