Watchdog finds no Fed misconduct in renovation; Trump calls for Powell’s resignation
Trump had for years criticised Powell for not lowering interest rates
The Federal Reserve's Inspector General reported on Wednesday (Sep 30) that it found no evidence of criminal misconduct or administrative wrongdoing within the organization tied to the renovation project of the central bank's historic buildings on the National Mall in Washington. However, the report highlighted extensive issues with project oversight that contributed to a $1 billion cost overrun for the renovation, bringing the project's total price tag to approximately $2.4 billion.
President Donald Trump seized upon the cost overrun in his effort to force Federal Reserve Chair Jerome Powell to resign and gain influence over the direction of monetary policy. Trump alleged that Powell was incompetent and unfit to manage the Fed, and he directed Attorney General Todd Blanche to investigate the matter further.
However, the Inspector General's report concluded that there was no reasonable basis to believe that a federal criminal law violation had occurred.
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