According to CoinMeta, the Federal Reserve's oversight agency stated that after reviewing a $2.4 billion renovation project at its Washington headquarters, no evidence of criminal activity was found. The Office of the Comptroller General (OCG) pointed out that although there were issues with cost control and supervision mechanisms in project management, no federal criminal violations that required referral to the Attorney General were identified. The initial budget for the project was $1.3 billion, but costs soared due to design adjustments, changes in construction conditions, and inflation, among other factors. The OCG stated that the Federal Reserve Board failed to implement cost-limiting measures and did not establish a timely construction cost control mechanism. Federal Reserve Chairman Jerome Powell pledged to act on the recommendations of the oversight agency and to hire an independent auditing firm to review the costs of the approved projects. The project was previously criticized by President Trump and Republican lawmakers for alleged excessive spending. The Federal Reserve responded that the renovation was aimed at upgrading outdated facilities and met safety requirements.