ยุติธรรม · Fed renovationFed Review Finds No Criminal Referral Grounds. Trump Still Wants Powell Outเขียน 1 ตุลาคม 2569 เวลา 17:03 UTCรับชมบทถอดเสียง0:09Donald Trump demanded Powell's resignation despite a renovation review, finding no0:13grounds for criminal referral.0:15The Federal Reserve's headquarters construction is projected to finish in December0:192027, years after its original target, without a finalized guaranteed maximum price.0:24What failed to control the costs and what accountability remains unfinished?0:28The evaluation also identified no administrative misconduct by Powell or other0:33officials.0:34That distinction matters.0:35Management and oversight failures contributed to escalating costs, but the review0:39did not substantiate the criminal or administrative misconduct accusations.0:44This is not a court verdict, an endorsement of every project decision or a0:48resolution of every conceivable legal issue.0:50The evaluation is dated September 29th, 2026, and was publicly announced September0:5530th.0:56Those are different dates for one evaluation.0:59It has 120 numbered pages, not the 121 described in some public accounts.1:04The investigation lasted more than a year.1:06Following Jerome Powell's July 2025 request for a review of the Eccles and 19511:11headquarters buildings in Washington, the approved renovation budget rose from1:15$1.317 billion in February 2020 to $2.381 billion in December1:202024.1:21That later amount remained approved as of August 2026.1:25Inside those totals, the construction component increased from $921 million to1:30$2.018 billion.1:32A separate broader multicycle capital budget increased from $1.378 billion to $2.4551:37billion.1:38These are different scopes, not interchangeable price tags.1:41None establishes how much cash has already been paid.1:44Public cost descriptions range from $2.4 billion to $2.5 billion, or nearly1:50$2.5 billion.1:51The Fed's public explanation later used approximately $2.46 billion.1:55The renovation line is close to the rounded $2.4 billion description.1:59The broader capital figure is close to $2.5 billion.2:02Scope and rounding help explain the range, but the basis and date behind every2:06published figure remain only partly reconciled.2:08Choosing one headline number would hide that uncertainty.2:11Construction began in July 2022.2:15The February 2020 plan expected the construction phase to finish in the second2:19quarter of 2024.2:21The revised projection is December 2027, not a guaranteed completion date.2:25The contract was supposed to place meaningful cost risk on the construction manager2:29and establish a guaranteed maximum price.2:31The board selected this construction manager at-risk approach after difficulties2:35with a different contracting approach on its Martin Building project, but it2:38repeatedly departed from the new contract's cost management provisions.2:42Internal governance was inadequate for the project's scale and complexity, and2:46available cost control actions went unused.2:48The board hired the construction manager as constructor in March 2022 after two2:53design phases, then began construction without that manager's project level2:57estimate.2:58By July 2026, four years after work began, material risk still had not been3:03transferred to the manager.3:04Cost certainty had not been obtained, and no overall ceiling had been established.3:09The guaranteed maximum price remained unfinished at the evaluation.3:12The board awarded 69 subcontractor work packages totaling $1.978 billion3:18between July 2022 and December 2025 before formally requesting a guaranteed maximum3:24price.3:25That award total excludes approximately $1.49 million in pre-construction services.3:30It is awarded construction work, not construction manager fees, and not a cash3:34disbursement total.3:35The formal price request came on December 30, 2025.3:39In January 2026, the manager submitted a proposed construction cost of $2.1353:44billion, including $2.078 billion in awarded construction costs and estimates for3:49remaining work across 84 packages.3:52This was the manager's construction cost and price ceiling proposal, not the Board's3:55first total project budget.3:56The approved total budget had existed since February 2020.4:00An $857 million design limitation had also gone unenforced.4:05The project team conveyed it to the architecture and engineering firm in April 2020.4:09but did not update it or require the firm to design to it.4:12Neither the construction manager nor the owner's representative was told of the4:16limitation.4:17It was distinct from the approved $921 million construction budget.4:21The owner's representative also lacked the project budget and detailed bid4:24information needed for independent cost validation.4:28Meanwhile, the manager's fee remained 2.95% of work rather than a fixed, capped fee.4:33Numerous limited-scope awards without a project-wide guaranteed price made the4:37arrangement resemble cost reimbursement instead of an effective transfer of overall4:41cost risk.4:42Those financial incentives and contract failures are not themselves a finding of a4:45federal crime.4:46Responsibility for cost and schedule was unclear.4:49Increases exceeding $100 million on individual packages were not adequately4:53escalated, and the owner's representative was not asked to independently validate4:56building systems packages running approximately $500 million above the earlier5:00design estimate.5:00Two core and shell mechanical, electrical, and plumbing packages rose from a $1785:06million estimate in March 2022.5:09To $539 million in awards in July and October 2023.5:13Using underlying unrounded figures, the increase was $362 million, or 203%.5:19Each package received two bids, not three.5:21Two interior fit-out systems packages rose from a $28 million estimate to $1555:26million awarded in June 2025, a reported 454% increase.5:32Together, the four packages totaled approximately $694 million, about5:37$488 million, or 237%, above the earlier estimate.5:42Three of the four lacked three bids.5:44Those three totaled $624 million.5:47Within the systems work, plumbing and heating, ventilation and air conditioning5:51costs rose from $107 million to $346 million.5:55These comparisons overlap.5:56Adding them together would double count costs.5:58Inflation contributed, but it did not explain those increases by itself.6:03Producer price inflation was approximately 16% from March 2022 to October 2023.6:09and 19% through June 2025, far below the package increases.6:14Those indexes are comparisons.6:16Not a precise measurement of inflation's effect on this particular project.6:20The Board supplied no project-specific inflation analysis.6:23Both inflation and management problems contributed.6:26A shift to predominantly closed offices delayed interior design completion by 216:31months.6:32Drawings developed from 2019 through 2022 assumed predominantly open workspaces.6:37The Board's January 2023 decision required changes to walls, doors, security,6:42ceiling spaces, and building systems distribution.6:44The redesign continued through October 2024, delaying substantial design completion6:49and guaranteed maximum price negotiations planned for fall 2023.6:53Building information model coordination for the 1951 building extended to October6:582025.6:59Eccles coordination remained incomplete in the construction manager's price proposal7:03narrative, but conspicuous design features were not material drivers of the7:07construction cost increases.7:09Marble, water features, the garden terrace, a private elevator for the chair, and7:12skylights.7:13That does not establish that every feature was absent or cost nothing.7:17It places the major accountability questions with bidding, design decisions,7:20contract controls, and governance.7:22The separate criminal investigation was closed, not merely blocked by a judge.7:26It concerned the renovation and Powell's June 2025 Senate Banking Committee7:30testimony.7:31Powell disclosed grand jury subpoenas in January 2026.7:35DC U.S.7:36Attorney Janine Pirro pursued the inquiry.7:38At a March 3 hearing, Prosecutor George A.7:40Masuko-Lataife could not identify evidence of renovation fraud or criminal7:44misconduct.7:44He argued that a $1.2 billion overrun supplied reason to investigate, and that a tip7:50or rumor could justify inquiry.7:52That figure was a prosecutorial argument, not an audited accounting measure or7:56evidence of a crime.7:57Chief U.S.7:58District Judge James E.8:00Boasberg quashed the subpoenas in an opinion dated March 11 and unsealed March 13th.8:05The justifications were thin and unsubstantiated, with essentially zero evidence to8:09suspect Powell of a crime.8:11The court identified extensive evidence that the subpoenas were intended to pressure8:15Powell into supporting lower interest rates or resigning.8:18The concern was criminal investigative machinery being used against a central bank8:21official over interest rates and his position, not a construction bill establishing8:25wrongdoing.8:25Pirro closed the investigation on April 24th while the Inspector General conducted8:30the evaluation, reserving the option to restart if facts warranted it.8:34Blocking subpoenas and closing an investigation were successive events, not8:38contradictory accounts.8:40The June 11th court decision recorded that the government closed its investigation8:44instead of appealing, despite earlier declarations that it would appeal.8:48The court also denied the government's attempt to erase the subpoena opinion on8:52mootness grounds.8:53Closure was a prosecutorial decision, not dismissal of an indictment.8:57None had issued.8:58The closure removed Senator Tom Tillis's block on Kevin M.9:01Worsh's confirmation.9:02Worsh became Fed chair in May 2026 after Powell's chair term ended, while Powell9:07remained a governor.9:08That continuing board service explains why Trump still sought Powell's resignation9:12after the chairmanship changed.9:14On September 30, Trump demanded that Powell resign or face a United States9:18government lawsuit for corruption or incompetence.9:20He asked Attorney General Todd Blanche to study the evaluation and determine a9:24response.9:25Trump characterized the project as costing at least $2.5 billion with no end in9:29sight.9:30The exact approved renovation budget was $2.381 billion, and the evaluation did9:34identify a December 2027 construction projection, though not a guaranteed finish.9:39Pirro's office was reviewing the evaluation.9:42Review is not an announced reopening, and Blanche's instruction to study it did not9:46bring a case.9:46As of October 4th,9:48no public filing established that the investigation had formally reopened, and no9:52new charges were established.9:54That limits what is publicly known.9:56It does not guarantee what prosecutors will decide next.9:59The board accepted all seven corrective recommendations.10:02They require negotiating a guaranteed maximum price or identifying another route to10:06best value.10:07Establishing cost and schedule success measures, and setting the construction10:11manager's fee as the contract provides.10:13Governance must assign an oversight body to monitor those measures, clarify10:17responsibility, authority, and accountability, and establish reporting to the board10:21and its relevant oversight committee.10:23The contract's audit clause should be exercised to validate all awarded costs,10:26including construction, allowances, contingencies, manager fees, and savings.10:31Contractor and owners' representative requirements must be reconciled with services10:35actually received, with reimbursement assessed for services paid for but not10:38delivered.10:39Future major initiatives need a standardized framework and agency policy, including10:44criteria for oversight committees, documented duties, and senior board or Federal10:48Reserve System members who do not themselves manage the project.10:50Warsh retained the General Services Administration as project executive effective10:55immediately in his September 29 response.10:58It reports to him and the Board and oversees the remaining work.11:01That is executive and advisory project oversight, not a transfer of Fed ownership.11:06Warsh committed to promptly completing guaranteed maximum price negotiations,11:10setting fixed budget and schedule measures with the project executive, and hiring an11:14independent auditor to verify the accuracy and compliance of all awarded costs to11:18date.11:19With GSA, the board will review contracts, determine the value of services not11:23received, and pursue appropriate remedies, potentially reimbursement or credits.11:27No recovery has yet been established.11:29Warsh committed to systematic implementation and accountability, prudent use of11:34public funds, and efficient, transparent completion.11:37The answer to the opening question is concrete.11:39The price ceiling, independent cost validation, and clear managerial accountability11:44were missing.11:45The evaluation produced no grounds for criminal referral and no administrative11:49misconduct finding.11:50The separate criminal inquiry was closed, with restart reserved, and reviewing this11:54evaluation did not itself reopen it.11:57Whether the board obtains a real ceiling, validates costs, recovers any amount owed,12:02and meets defined completion measures remains unfinished.12:05The Inspector General plans quarterly follow-up until all recommendations are12:09addressed.12:09No fixed calendar deadline has been established for completing the independent audit12:13or finalizing the guaranteed maximum price.อ่านบทความลำดับเวลาของเรื่องHeyDexคลิปสั้น ↗ใครรายงานอะไรประเด็นที่สื่อมากกว่าหนึ่งแห่งรายงานCriminal or legal findings on the renovation3 สำนักข่าวManagement and oversight of the renovation3 สำนักข่าวReported cost of the renovation2 สำนักข่าวประเด็นที่สื่อเพียงแห่งเดียวรายงาน9รายงานโดย CNBC เท่านั้นDate the inspector general issued the evaluation30 ก.ย. 20:12 UTCSeparate Justice Department probe into renovation30 ก.ย. 20:12 UTCรายงานโดย CBS News เท่านั้นGSA retained to advise on renovation30 ก.ย. 21:52 UTCRecommendations to curb project costs30 ก.ย. 21:52 UTCPromise of a full renovation audit30 ก.ย. 21:52 UTCGSA reporting arrangements30 ก.ย. 21:52 UTCDuration of the internal investigation30 ก.ย. 21:52 UTCLength of the inspector general report30 ก.ย. 21:52 UTCรายงานโดย PBS NewsHour เท่านั้นJustice Department investigation into Powell30 ก.ย. 22:29 UTCแต่ละบรรทัดคือข้อกล่าวอ้างตามที่เราบันทึกจากรายงานของสื่อนั้น เปรียบเทียบ ณ 1 ตุลาคม 2569 เวลา 6:12 UTC
