Powell did not break the law with expensive Fed renovations that incensed Trump, report finds, tell me about this news in (https://www.msn.com/en-us/news/other/powell-did-not-break-the-law-with-expensive-fed-renovations-that-incensed-trump-report-finds/ar-AA2dhsGn?ocid=BingNewsVerp)

An investigation by the Federal Reserve’s Office of the Inspector General concluded that while the extensive renovation of the Federal Reserve headquarters was broadly mismanaged, former Fed Chair Jerome Powell and the agency did not commit any criminal violations or break the law.

Key details from the report and surrounding context:

• No Criminal Wrongdoing: The watchdog’s 120-page review found no evidence of criminal activity or administrative misconduct, concluding that cost overruns on large-scale infrastructure projects do not indicate illegal behavior.

• Management Missteps: The report did fault the Fed’s Board of Governors for poor oversight. The inspector general noted that the board failed to lock in a comprehensive cost estimate early on or establish a guaranteed maximum price, which left the agency vulnerable to severe inflation spikes after work began in 2022. The budget for the project climbed from early estimates to roughly $2.4 billion.

• Political Background: The renovation had become a major point of conflict with Donald Trump, who repeatedly attacked Powell over the costs, visited the construction site, and asserted that the expenses were excessive. These criticisms previously prompted congressional inquiries and a brief Justice Department review that was suspended following pushback from lawmakers.

• Fed Response: Powell had initially requested the inspector general’s review himself. Federal Reserve Chair Kevin Warsh concurred with the watchdog’s findings and committed to an independent audit of the primary contractor managing the project.