Story perspectives

Fed Inspector General Clears Powell Over $2.4B Renovation

By Drooid · Oct 2, 2026, 12:12 AM UTC · How we work

Summary

Story summary

Fed inspector general found no criminal wrongdoing by Fed Chair Jerome Powell in the renovation.
The renovation’s cost has risen to about $2.4 billion, nearly double the 2020 estimate.
Fed Governor Kevin Warsh pledged to implement all recommendations and asked the General Services Administration (GSA) to oversee the project.
President Donald Trump dismissed the report, renewed calls for Powell to resign, and urged Attorney General Todd Blanche to act.

History

Historical Context

In October 2008 Congress passed the Emergency Economic Stabilization Act, creating TARP and authorizing $700 billion to buy toxic assets, a measure signed by President George W. Bush. The program, overseen by the Treasury’s Office of Financial Stability and SIGTARP, ultimately disbursed $443.5 billion, and Dodd-Frank in 2010 trimmed the ceiling to $475 billion. TARP’s legacy of large-scale bailouts continues to shape partisan debates over federal spending and oversight.

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Story summary

Fed inspector general found no criminal wrongdoing by Fed Chair Jerome Powell in the renovation.
The renovation’s cost has risen to about $2.4 billion, nearly double the 2020 estimate.
Fed Governor Kevin Warsh pledged to implement all recommendations and asked the General Services Administration (GSA) to oversee the project.
President Donald Trump dismissed the report, renewed calls for Powell to resign, and urged Attorney General Todd Blanche to act.

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