[Federal Reserve's $2.4 Billion Renovation Project Investigation Concludes, No Evidence of Criminal Violations Found] Reported by Golden Finance, on October 1, the Federal Reserve's oversight body stated that after reviewing the $2.4 billion renovation project of the Federal Reserve's Washington headquarters, no evidence of criminal violations was found. The Office of Inspector General (OIG) noted in its report that while there were deficiencies in project management, including issues with cost control, oversight mechanisms, and project governance, no federal criminal violations requiring referral to the U.S. Attorney General were identified. The renovation project was initially budgeted at $1.3 billion in 2020 but saw significant cost increases due to design adjustments, changes in construction conditions, inflation, and the lack of competitive bidding for certain works. The OIG stated that the Federal Reserve Board previously failed to adequately implement cost control measures and did not establish a clear maximum construction cost control mechanism in a timely manner. Federal Reserve Chairman Michael Barr stated that the Federal Reserve will implement the recommendations from the oversight body and hire an independent auditing firm to review the currently approved project costs. The project had previously faced criticism from former U.S. President Donald Trump and Republican lawmakers, who accused it of excessive spending and pushed for an investigation into then-Federal Reserve Chairman Jerome Powell. The Federal Reserve had previously responded that the renovation was aimed at upgrading outdated facilities and meeting safety requirements. The oversight report noted that some of the controversial design elements were not the primary reasons for the cost increases.