Powell Cleared in Federal Reserve Renovation Project Probe

A recent renovation project at the U.S. Federal Reserve has been scrutinized by a watchdog group, which found some issues but ultimately concluded that there was no misconduct during Jerome Powell's tenure as chair.

The project, which began in April 2026, involved renovations to the Fed's Washington D.C. headquarters. According to reports, the renovation project cost $900,000 and added a new sewer system for the building.

A report by Howard Schneider and Michael S. found that while there were some problems with the project, including delays and cost overruns, there was no evidence of misconduct or impropriety on the part of Powell or his team.