Fed Watchdog Finds No Grounds for a Criminal Referral, but Numerous Deficiencies in $2.4 Billion Renovation

The Federal Reserve's Marriner S. Eccles building in Washington seen from above during its renovation, with a yellow crane, scaffolding and equipment on the roof and a fenced construction yard.

The Federal Reserve’s inspector general found “numerous deficiencies” in how the central bank managed the renovation of its Washington headquarters, and no reasonable grounds to believe a federal crime occurred. The report was released Wednesday, Sept. 30.