Fed IG Clears Powell of Irregularities, Cites Oversight Flaws in $1B Cost Overrun

The Federal Reserve's Inspector General found no grounds for criminal referral or administrative irregularities by former Chair Jerome Powell regarding the central bank's building renovation project, which exceeded budget by roughly $1 billion. The audit did, however, identify extensive supervisory failures that contributed to the cost overrun. This clears Powell of wrongdoing but highlights governance weaknesses within the Fed's project management.