Fed Watchdog Clears Jay Powell in Central Bank Renovation Probe

The Federal Reserve's internal watchdog has completed an investigation into the central bank's headquarters renovations and found no evidence of illegal conduct by former Chairman Jerome Powell.

The Office of the Inspector General reviewed the project, which was managed by a construction management firm, and found that the Fed did not effectively manage its costs or adhere to its contract provisions. However, no grounds were found for a criminal probe into Powell's involvement in the project.

The report stated that the Board 'repeatedly deviated from its cost-management provisions' but did not provide further details on how this affected the project's timeline or budget.