Why 🐵 UnitedStatesNews-NoOpEd picked: Federal Reserve watchdog finds no criminal violations for building renovation cost overruns

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Source: theguardian.com

<p>Trump criticized $2.4bn rehab amid attempts to pressure then Fed chair Jerome Powell into lowering interest rates</p><p>The <a href="https://www.theguardian.com/business/federal-reserve" rel="nofollow noopener noreferrer ugc" target="_blank">Federal Reserve</a>’s internal watchdog said on Wednesday that the agency has broadly mismanaged an expansive building renovation project but did not find any criminal violations, as alleged by <a href="https://www.theguardian.com/us-news/trump-administration" rel="nofollow noopener noreferrer ugc" target="_blank">Trump administration</a> prosecutors.</p><p>The Fed’s inspector general said that a variety of missteps by its board of governors inflated the cost of the $2.4bn renovation. The board did not secure a comprehensive cost estimate at the beginning of the project, nor did it nail down a maximum overall cost, a step that could have forced the building contractor to absorb the impact of inflation, the IG said in a 120-page report. Prices spiked after construction began in 2022.</p> <a href="https://www.theguardian.com/business/2026/sep/30/federal-reserve-watchdog-building-renovation" rel="nofollow noopener noreferrer ugc" target="_blank">Continue reading...</a>

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