The Federal Reserve's internal watchdog found mismanagement of costs in a $2.4 billion renovation of the central bank's Washington DC headquarters, but determined no criminal violations occurred, according to a report released Wednesday.
The findings come after Donald Trump spent over a year attacking the Federal Reserve and then-chair Jerome Powell over the renovation project. Trump's criticism included efforts to pressure Powell into lowering interest rates. The Department of Justice conducted a months-long criminal investigation into the renovation that concluded in April without charges.
The watchdog report confirms cost overruns and poor management of the project but stops short of identifying criminal wrongdoing. The specific nature of the mismanagement and the scale of cost increases beyond the $2.4 billion baseline remain unclear from the available information.