Fed's Watchdog Clears Renovation Project of Criminality

The Federal Reserve's internal watchdog has concluded that there was no evidence of criminal wrongdoing in the central bank's $2.4 billion renovation project of its Washington headquarters.

The Office of Inspector General released a report on Wednesday that identified a series of missteps leading to surging costs for the renovation, which initially had an estimated budget of $1.3 billion in 2020.

The findings come after the Fed's renovation project became a point of contention between the central bank and the Trump administration last year, with the president pushing for lower interest rates.