Fed watchdog finds no criminality in renovation probe
Summary
The Federal Reserve's internal watchdog found no evidence that former Chair Jerome Powell or other Fed officials broke criminal laws in managing a large renovation project. The report noted that the Fed did not handle the construction contract as effectively as it should have.Key Facts
- The Fed’s Inspector General is Michael Horowitz.
- The renovation project involved millions of dollars.
- No criminal wrongdoings were found against Jerome Powell or other Fed officials.
- The Fed did not manage the construction contract risk as well as expected.
- The investigation focused on how the Fed handled the ongoing renovation.
- The report was released on a Wednesday.
- The audit was conducted by the Fed’s own internal watchdog office.
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