Trump says he asked Blanche to 'study' Fed watchdog report that cleared Powell

The US Federal Reserve's Office of Inspector General has released a report clearing former Fed Chair Jerome Powell of criminal wrongdoing related to the central bank's renovations. The report found no evidence of a federal criminal law violation, and the watchdog did not identify administrative misconduct during its evaluation.

The renovations, which included work on the Fed's headquarters in Washington, experienced significant cost overruns, with costs more than doubling to around $2.4-2.5 billion. According to The Hill, President Trump wrote that he asked Attorney General Todd Blanche to study the report and make a determination. The report faulted Fed management and oversight of the project, stating that the Fed did not take actions available to it that could have better controlled costs and mitigated some of the significant construction cost increases.

The investigation had become a focal point in President Trump's efforts to pressure Powell into easier monetary policy, with Trump publicly attacking Powell over the project's soaring costs. Powell remained on the Board as governor even after his term as Fed chair ended in May.

Brief written by urgent.news from The Hill, Handelsblatt, Axios, Investing.com — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.