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Report: Powell's Fed renovations lawful
An inspector general review of the Federal Reserve’s headquarters renovation found no evidence that then-Chair Jerome Powell violated laws or engaged in misconduct, despite criticism over costs. The project’s expenses nearly doubled to approximately $2.4 billion, with the Fed board faulted for mismanaging costs and lacking effective oversight. The report did not attribute blame to Powell or individual governors but recommended corrective actions, which the current Fed Chair agreed to implement.
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