US Fed watchdog finds no criminal breaches in $2.4bn HQ renovation

The Federal Reserve’s internal watchdog has concluded that the $2.4 billion renovation of its Washington DC headquarters involved mismanagement of costs but did not constitute any criminal violations.

The findings were released on Wednesday and confirm that, although the project exceeded its budget, the oversight body did not identify conduct that broke the law.

Former US President Donald Trump has repeatedly criticised the renovation, using it as a platform to pressure former Fed chair Jerome Powell to lower interest rates. His attacks have persisted for more than a year.

The controversy also sparked a Department of Justice criminal investigation, which was ultimately dropped in April.

Source: The Guardian. Photo: Oleg Podlesnykh / Pexels.