Fed watchdog finds no laws broken in $2.5 billion Fed renovations Trump has called "disgraceful"
Updated on: September 30, 2026 / 6:17 PM EDT / CBS News
TL;DR
- Federal Reserve's inspector general found no violations of federal criminal law in the headquarters renovations.
- Poor project management, lack of cost estimates, and insufficient governance contributed to significant cost increases.
- Design features criticized by President Trump, such as private elevators and marble, did not materially contribute to cost overruns.
- A separate criminal investigation involving former Fed Chair Jerome Powell related to his testimony on the renovations was concluded.
- Recommendations were issued for better management of large-scale projects.
- The estimated cost of the renovations has risen from $1.9 billion to nearly $2.5 billion.