Get all your news in one place.
100's of premium titles.
One app.
Start reading
The Guardian - US
The Guardian - US
Business
Lauren Aratani in New York

Federal Reserve watchdog finds no criminal violations for building renovation cost overruns

Group of men walk around building construction site
Donald Trump and Jerome Powell visit the Federal Reserve building on 24 July 2025 in Washington DC. Photograph: Julia Demaree Nikhinson/AP

An internal watchdog said the Federal Reserve mismanaged costs associated with a $2.4bn renovation of its Washington DC headquarters, but noted that no criminal violations occurred, according to a report released on Wednesday.

For over a year, Donald Trump has centered his attacks against the Fed and former chair Jerome Powell around the renovations, including a months-long Department of Justice criminal investigation that was dropped in April.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.