Fed watchdog clears former chair Powell in renovation probe

The Federal Reserve watchdog has concluded that former chair Jerome Powell did not engage in criminal activity during the central bank's costly headquarters renovation, according to a report released this week. This finding puts to rest an unprecedented criminal investigation opened by the Justice Department earlier this year, which had cast a shadow over Powell's tenure. The investigation's results are significant as they restore Powell's standing and underscore the watchdog's role in safeguarding the integrity of federal financial institutions. The implications extend beyond Powell, signaling a reinforcement of the checks and balances in place for federal oversight.