Fed watchdog clears former chair Powell in renovation probe

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1. 3h ago

   Fed Watchdog Clears Former Chair Powell In Renovation Probe

   A federal watchdog has cleared former central bank chief Jerome Powell of criminal misconduct or illegal activity following an investigation into costly Federal Reserve building renovations. Despite finding that the Fed mishandled costs and experienced significant overruns on the project, the watchdog concluded there were no grounds for a criminal referral. Following the report, Donald Trump demanded that Powell resign from the central bank board, continuing a long-running dispute between the administration and the former chair over the multi-billion-dollar project.

   Why it matters

   Donald Trump previously attempted to oust Powell over the project, and the Department of Justice launched a criminal probe into the former chair after persistent criticism from the president. The investigation centered on the scope and expense of Federal Reserve property updates. Powell remains on the central bank board despite the administration pressure.

   What is confirmed

   • A federal watchdog cleared former Federal Reserve chair Jerome Powell of criminal misconduct and illegal activity related to costly building renovations.
   • The watchdog found that the Federal Reserve mishandled renovation costs and encountered severe overruns, but concluded there were no grounds for a criminal referral.
   • Donald Trump demanded that Jerome Powell resign from the central bank board following the release of the watchdog findings.

   What to watch next

   • Whether Jerome Powell will step down from the Federal Reserve board following the demands from Donald Trump.
   • Any further actions or statements from the Department of Justice regarding the closed criminal probe.
   Sources used for this update (15)

   1. The Washington Post — Watchdog finds Fed mishandled renovations that Trump tried to oust Powell over
   2. The New York Times — Fed’s Watchdog Finds No Misconduct or Illegal Activity in Costly Renovations
   3. CNBC — Fed watchdog finds renovation failures, but no grounds for criminal referral
   4. Financial Times — Trump says Powell should resign after Fed watchdog clears ex-chair of misconduct
   5. Fox Business — The final verdict is in for the Fed's troubled renovation and Jerome Powell
   6. axios.com — Fed watchdog clears former chair Powell in renovation probe
   7. PBS — News Wrap: Watchdog finds no criminal activity by Powell related to Fed renovation
   8. Politico — Why Powell is likely to stick around at the Fed
   9. www.hindustantimes.com — Watchdog clears former US Fed chief Powell in renovation probe
   10. finance.yahoo.com — Fed's $2.5 billion renovation broke no laws, but watchdog blasts cost overruns
   11. bsky.app — @english.lemonde.fr 님의 게시물 — Bluesky
   12. www.yahoo.com — Watchdog clears former US Fed chief Powell in renovation probe
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