Federal Reserve Watchdog Finds Mismanagement But No Criminal Wrongdoing in Costly Building Renovations

Federal Reserve Watchdog Finds Mismanagement But No Criminal Wrongdoing in Costly Building Renovations
The Federal Reserve’s inspector general reported Wednesday that the central bank's multi-billion-dollar building renovations—previously criticized by President Trump—revealed deficiencies in project management but did not violate federal law.
According to the report, investigators found no reasonable grounds to indicate that criminal laws or administrative misconduct occurred, though it noted that construction costs more than doubled and pointed to poor overall cost tracking and design shifts.
The watchdog concluded that criticized luxury features, such as marble facades and private elevators, did not significantly drive the massive cost increases.