Fed’s Watchdog Finds No Criminal Violations in Renovations

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The Federal Reserve’s internal watchdog found no evidence of criminal wrongdoing in the central bank’s renovation of its Washington headquarters, a $2.4 billion project that became a flashpoint between the Fed and the Trump administration as the president pushed for lower interest rates last year.

The findings came in a report released Wednesday by the Office of Inspector General that identified a series of missteps that led to surging costs for the renovation from an initially budgeted $1.3 billion in 2020.

“At no point during our evaluation did we find reasonable grounds to believe that a violation of federal criminal law had occurred requiring a referral to the US Attorney General in accordance with the Inspector General Act,” the OIG said. “Further, while our report outlines deficiencies in the management of the renovation project, resulting in our recommended corrective actions in accordance with the Inspector General Act, we did not identify administrative misconduct during our evaluation.”

Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz deliver insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. On this edition, Joe and Kailey speak with:

• Bloomberg International Economics and Policy Correspondent Michael McKee.
• Republican Senator Ted Budd of North Carolina.
• Stonecourt Capital Partner Rick Davis and Harvard Kennedy School Ash Center Visiting Democracy Fellow Jeanne Sheehan Zaino.
• Democratic Congressman Ami Bera of California
• Bloomberg News Chief Global Aviation Correspondent Siddharth Philip.

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