Powell Cleared in Fed Renovation Project

Former Federal Reserve Chair Jerome Powell and other officials have been cleared of any criminal wrongdoing related to the central bank’s renovation project, as per the recent report from the Fed’s internal watchdog.

The report from Fed Inspector General Michael Horowitz recognized deficiencies in the execution of the project’s construction risk management contract for two buildings. Powell came under scrutiny following recommendations from U.S. Attorney Jeanine Pirro, who conducted a separate investigation into his conduct.

Powell had defended his actions, arguing that the investigation served as an attempt to pressurize the Federal Reserve into lowering interest rates—a move President Trump advocated.

The threat of criminal charges results from setting interest rates based on our assessment of public benefit rather than presidential preferences, Powell remarked in a video message announcing the probe.

The Justice Department’s investigation focused on Powell’s Senate Banking Committee testimony in June 2025, where he justified the project’s rising expenses.

Responding to Tim Scott, Powell clarified, There’s no VIP dining room, no new marble. We’re restoring old marble, replacing only the broken portions.

For further details, visit TheHill.com.

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