The Federal Reserve transferred the management of its headquarters refurbishment to another government agency following a watchdog report that detailed systemic oversight failures. The central bank is moving to end scrutiny over a project that saw costs balloon from an initial estimate of $1 billion to more than $2.5 billion. The move follows a period of intense political pressure and an investigation into the handling of the project's budget.

A 120 page report from the inspector general found no criminal wrongdoing or administrative misconduct by Jerome Powell, but reproached the board for failing to establish a guaranteed maximum price for construction. President Trump has since demanded that Powell resign from the Fed board immediately or face a government lawsuit for incompetence, while requesting that Attorney General Todd Blanche review the findings. Powell has previously indicated his exit from the central bank would be based on his judgment of what is best for the institution.