No criminal wrongdoing in Federal Reserve building renovation, watchdog says, but it was mismanaged

The Fed’s watchdog found cost overruns but no evidence of criminal violations after the Justice Department dropped an investigation into the renovations earlier this year.

A new report by the Federal Reserve’s independent inspector general concluded that a nearly $2.5 billion construction project was poorly managed but made no referrals to the U.S. attorney general.

The Federal Reserve’s internal watchdog said Wednesday that the agency has broadly mismanaged an expansive building renovation project but did not find any criminal violations, as alleged by Trump administration prosecutors