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Federal Reserve Watchdog Clears Former Chair Powell Of Criminal Misconduct · GNN Daily Breaking News

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  Speaker 1: An extensive internal investigation conducted by the Federal Reserve's Office
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  Speaker 1: of Inspector General concluded that no federal criminal laws were
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  Speaker 1: violated and no administrative misconduct occurred during the multibillion-dollar renovation
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  Speaker 1: of the central bank's Washington headquarters. The long-awaited report directly
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  Speaker 1: addresses high-profile allegations surrounding cost overruns associated with the massive
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  Speaker 1: infrastructure project. which saw its initial budget estimates double from
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  Speaker 1: approximately $ 1. 3 billion to nearly $ 2. 4 billion. Inspector General Michael
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  Speaker 1: Horowitz noted that while management shortcomings, inflation, and unexpected supply
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  Speaker 1: chain delays significantly expanded the construction bill, individual luxury features,
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  Speaker 1: such as marble finishes and specialized executive amenities, did not
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  Speaker 1: materially drive the cost increases, firmly exonerating central bank officials
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  Speaker 1: of criminal wrongdoing or self-dealing. Despite the internal watchdog's explicit
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  Speaker 1: clearing of the institution, United States President Donald Trump renewed
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  Speaker 1: public demands for former Federal Reserve Chair Jerome Powell to
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  Speaker 1: immediately resign from his remaining post on the Federal Reserve
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  Speaker 1: Board of Governors. Although Powell's term as central bank chair
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  Speaker 1: ended earlier this year, he elected to remain on the
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  Speaker 1: board as a governor to fulfill his term running through 2028.
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  Speaker 1: Reaffirming his longstanding criticism of Powell's monetary policy decisions, President
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  Speaker 1: Trump asserted that the extensive budget growth on the headquarters
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  Speaker 1: facility reflects gross managerial incompetence and corruption. Arguing on social
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  Speaker 1: media that an official unable to control a real estate
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  Speaker 1: budget should not be entrusted with national interest rate policy.
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  Speaker 1: The renewed calls for Powell's departure underscore escalating political friction
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  Speaker 1: between the White House and the independent central bank. President
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  Speaker 1: Trump confirmed he requested Attorney General Todd Blanch to independently
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  Speaker 1: examine the Inspector General's findings to assess whether alternative legal
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  Speaker 1: avenues or civil proceedings remain open to federal prosecutors. Meanwhile,
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  Speaker 1: current Federal Reserve leadership confirmed that the central bank intends
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  Speaker 1: to fully implement all administrative recommendations detailed by the Inspector
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  Speaker 1: General to tighten future oversight. As congressional leaders weigh the
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  Speaker 1: watchdog's findings, The dispute reinforces deep divisions over central bank
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  Speaker 1: accountability and procedural independence within the federal government.