The Federal Reserve’s Office of Inspector General (OIG) has officially closed its inquiry into renovation expenditures conducted under the leadership of Chair Jerome Powell. The investigation sought to determine if the costs associated with these projects involved any criminal wrongdoing or misuse of federal funds. According to the report, investigators found no evidence of illegal activity or intentional financial mismanagement during the renovation process.

These renovation costs had previously become a point of contention, serving as a focal point for political pressure campaigns directed at Powell. Critics had questioned the transparency and necessity of the spending, leading to calls for a formal review. With the release of these findings, the OIG has effectively cleared the agency and its leadership of criminal liability regarding these specific financial decisions. While the report addresses the legality of the expenditures, it does not necessarily settle broader political debates regarding the Fed's administrative priorities or the optics of the spending during Powell's term.