Fed Watchdog Finds No Crimes in $2.4B Building Renovation

The Federal Reserve's internal watchdog released a report on Wednesday stating that the central bank has mishandled its $2.4 billion building renovation project, but found no evidence of criminal activity.

The inspector general's 120-page report identified several missteps by the Fed's Board of Governors and staff, including failing to secure a comprehensive cost estimate at the beginning of the project and not setting a maximum overall cost.

This oversight led to price inflation after construction began in 2022. The IG's findings do not confirm allegations made by Trump administration prosecutors.

The renovation project has been plagued with problems, but according to the Fed's watchdog, none of these issues rise to the level of a crime.