Fed watchdog clears Powell-era renovation: The Independent's headline says $2.5bn, its own text says $2.018bn
The Federal Reserve's inspector general found that the renovation of two Fed buildings was mismanaged. It found no misconduct and no grounds for prosecution. The reports we hold disagree on the size of the bill. They also disagree on whether the finding is about a building or about Donald Trump.
The finding. Five reports agree that the Fed's inspector general found no misconduct and made no referral for prosecution. Reuters, The New York Times and The Independent say the project was badly run. Libération and Le Figaro say the inspector found no "motifs raisonnables" for criminal charges.
The word for the failing.
| Outlet | Verdict on management | Figure given | Names Trump |
|---|---|---|---|
| Reuters | "problems" | none | no |
| The New York Times | "poorly managed" | "nearly $2.5 billion" | no |
| The Independent | "mismanaged" | $2.5bn in headline; $2.018bn in text | no |
| Libération | report "contredit" Trump | none | yes |
| Le Figaro | none given | none | yes |
Two numbers, one bill. The Independent's text says construction costs rose from $921 million in February 2020 to $2.018 billion by December 2024. Its headline says $2.5bn, and The New York Times says "nearly $2.5 billion". Neither says what the larger figure counts.
A building or a president. The three English-language reports lead with the audit. The two French papers lead with Trump. Libération says the report contradicts "les accusations du président américain". Le Figaro says Trump "avait soutenu des poursuites pénales" against Powell.
What is not settled. We do not hold the inspector general's report itself. So we cannot say what the $2.5 billion counts, what the "problems" were, or who was responsible for them. Only one report gives dated figures, and no other report confirms them.
What this is about. The Federal Reserve's own watchdog has ruled on whether there was wrongdoing in the renovation of the Fed's Washington headquarters. The ruling also answers a political attack on the man who ran the Fed.
How it got here. The Fed is the central bank of the United States. It sets interest rates, and Congress set it up so that presidents cannot order those decisions. Its chair serves a four-year term. Donald Trump first appointed Jerome Powell, who became chair in February 2018. Joe Biden reappointed him in 2022. His term as chair ended in May 2026. Libération calls him "l'ex-président" of the Fed.
Trump returned to office in January 2025. After that he attacked Powell again and again for not cutting rates faster. In mid-2025 Trump and his allies turned to the renovation of two Fed office buildings in Washington, saying it was far over budget. That summer Powell asked the Fed's inspector general to review the project. According to Le Figaro, Trump backed criminal proceedings against Powell over how the work was run.
Who the actors are. The inspector general is an office that audits the Fed's board. It reports to Congress and can refer cases to the Justice Department. Trump is in the story because he turned the cost into a charge against Powell. Powell is in it because the project ran while he was chair.
What is at stake. The law lets a president remove a Fed governor only for cause. A finding of misconduct could have been used as that cause. A clean finding weakens any case for pushing the Fed's leaders out over something other than their rate decisions.
Where it stands. The report was published on 30 September 2026. All five outlets we hold say it found the project mismanaged but made no criminal referral.
What is being argued about
- Whether the renovation bill was $2.018 billion or $2.5 billion, and what each figure counts
- Whether 'problems', 'poorly managed' or 'mismanaged' describes what the inspector found
- Whether the finding is an audit of a building or a rebuttal of Trump's case against Powell
- What the ruling means for the Fed's independence from the White House
Claims and verdicts
Reuters
Reuters
🇺🇸US ·
wire · independent
Watchdog finds problems but no Fed misconduct in Powell-era renovation project
Open this report in The AI Times →
Read it at Reuters →
What we have measured
Actor named The attacker is the subject of an active verb for both the deaths and the damage ×1Actor named No actor named for who cancelled the flights ×1Agreement stated flat, source in a tail attribution moved after the dash ×1Announcement written as settled A social-media post becomes a future indicative: the conversion will happen ×1
Outlet profile in The AI Times →
The New York Times
The New York Times
🇺🇸US ·
newspaper · independent
The Independent
The Independent
🇬🇧UK ·
digital · independent
No criminal wrongdoing in $2.5Bn Federal building renovation but it was mismanaged, watchdog finds
Open this report in The AI Times →
Read it at The Independent →
What we have measured
Accused party response Russia's side is reported as no comment. ×1A company statement about itself, taken as a "reveals" rather than "says", for a company's account of its own product ×1A count stated flat four crimes is given as a settled number in the headline, with no court, charge or jurisdiction attached ×1Actor named No actor named for the cut-short or for the clashes ×1
Outlet profile in The AI Times →
L
Libération
Fed : une inspection interne soutenue par Trump n’a pas trouvé de «motifs raisonnables» de poursuites pénales contre Powell
Open this report in The AI Times →
Read it at Libération →
What we have measured
Accuracy of office Calls him mayor of the département, not the town. ×1Actor label The Houthis are called 'rebels' in the report's own voice. ×1Admission and denial split Separates what the MEP admits (removing the flag) from what she denies (trampling it). ×1Affiliation named links her to a French channel ×1
Outlet profile in The AI Times →
Le Figaro
Le Figaro
🇫🇷FR ·
newspaper · independent
The Independent
The Independent
🇬🇧UK ·
digital · independent
No criminal wrongdoing in $2.5Bn Federal building renovation but it was mismanaged, watchdog finds
Open this report in The AI Times →
Read it at The Independent →
What we have measured
Accused party response Russia's side is reported as no comment. ×1A company statement about itself, taken as a "reveals" rather than "says", for a company's account of its own product ×1A count stated flat four crimes is given as a settled number in the headline, with no court, charge or jurisdiction attached ×1Actor named No actor named for the cut-short or for the clashes ×1
Outlet profile in The AI Times →
The New York Times
The New York Times
🇺🇸US ·
newspaper · independent
Fed : une inspection interne soutenue par Trump n’a pas trouvé de «motifs raisonnables» de poursuites pénales contre Powell
Open this report in The AI Times →
Read it at Libération →
What we have measured
Accuracy of office Calls him mayor of the département, not the town. ×1Actor label The Houthis are called 'rebels' in the report's own voice. ×1Admission and denial split Separates what the MEP admits (removing the flag) from what she denies (trampling it). ×1Affiliation named links her to a French channel ×1
Outlet profile in The AI Times →
Le Figaro
Le Figaro
🇫🇷FR ·
newspaper · independent
Who wrote it
Reuters
The New York Times
Le Figaro
The Independent
Coverage, outlet by outlet
Reuters
Reuters
🇺🇸US ·
wire · independent
Watchdog finds problems but no Fed misconduct in Powell-era renovation project
Open this report in The AI Times →
Read it at Reuters →
What we have measured
Actor named The attacker is the subject of an active verb for both the deaths and the damage ×1Actor named No actor named for who cancelled the flights ×1Agreement stated flat, source in a tail attribution moved after the dash ×1Announcement written as settled A social-media post becomes a future indicative: the conversion will happen ×1
Outlet profile in The AI Times →
— independent
Fed : une inspection interne soutenue par Trump n’a pas trouvé de «motifs raisonnables» de poursuites pénales contre Powell
Open this report in The AI Times →
Read it at Libération →
What we have measured
Accuracy of office Calls him mayor of the département, not the town. ×1Actor label The Houthis are called 'rebels' in the report's own voice. ×1Admission and denial split Separates what the MEP admits (removing the flag) from what she denies (trampling it). ×1Affiliation named links her to a French channel ×1
Outlet profile in The AI Times →
—
The New York Times
The New York Times
🇺🇸US ·
newspaper · independent
Reuters
Reuters
🇺🇸US ·
wire · independent
Le Figaro
Le Figaro
🇫🇷FR ·
newspaper · independent
The Independent
The Independent
🇬🇧UK ·
digital · independent
No criminal wrongdoing in $2.5Bn Federal building renovation but it was mismanaged, watchdog finds
Open this report in The AI Times →
Read it at The Independent →
What we have measured
Accused party response Russia's side is reported as no comment. ×1A company statement about itself, taken as a "reveals" rather than "says", for a company's account of its own product ×1A count stated flat four crimes is given as a settled number in the headline, with no court, charge or jurisdiction attached ×1Actor named No actor named for the cut-short or for the clashes ×1
Outlet profile in The AI Times →
— independent