Forex
Fed Watchdog Clears Renovation Project Amid Trump Scrutiny
The Federal Reserve's watchdog has concluded its investigation into the central bank's multi-billion-dollar renovation project, finding no evidence of criminality.
The project drew criticism from President Donald Trump and brief scrutiny from federal prosecutors. However, a report revealed that the Fed's board had not effectively executed a contract and its cost-management provisions.
The investigation lasted over a year and focused on the construction site in Washington D.C., which became a point of contention for the Trump administration as it also pressured Jerome Powell to cut interest rates.