Watchdog Finds No Criminality In Fed Renovation That Drew Trump's Scrutiny

(Washington, DC) -- The Federal Reserve's independent watchdog says it doesn't believe there was a violation of federal law in the Fed's multi-billion-dollar renovation project. The project drew criticism from President Donald Trump and short-lived scrutiny from federal prosecutors. But a report says the central bank's board "had not effectively executed" a contract and its cost-management provisions. The investigation's end follows a more than yearlong review into the construction site on the central bank's Washington, D.C., campus. It became a fixation of the Trump administration as the president also pressured Jerome Powell, who was the Fed chair until Kevin Warsh took over in May, to cut interest rates.