Federal Reserve Chair Faces DOJ Inquiry on Renovation Costs

White House National Economic Council Director Kevin Hassett minimized concerns over a federal probe into Fed Chairman Jerome Powell, attributing it to routine inquiries amidst renovation cost overruns.

This development highlights potential transparency issues and financial oversight challenges, yet remains isolated from direct cryptocurrency market impacts or significant economic disruptions.

Transparency Scrutiny Grows Amid $2.5 Billion Fed Renovation Costs

The spotlight is on Federal Reserve Chairman Jerome Powell, as the Department of Justice has launched an investigation into renovation costs at the Fed’s headquarters.

The project management and financial oversight came under scrutiny due to reported escalations from around $1.9 billion to approximately $2.5-2.6 billion. The probe specifically targets transparency issues related to the cost overrun, attributed to factors like asbestos and design changes. The Federal Reserve Board of Governors regularly audits these expenses and insists no extravagant features are involved.

Market Data and Insights

Did you know? The Federal Reserve’s headquarters has not previously faced such significant public scrutiny for renovation costs, reflecting a shift in accountability standards within major financial institutions.

As of January 17, 2026, Ethereum (ETH) is priced at $3,295.23 with a market cap of approximately 397.72 billion USD. It holds a market dominance of 12.33%, and its trading volume reached 20.04 billion USD over the last 24 hours, showing a 16.71% decrease. (Data source: CoinMarketCap)

Coincu research team suggests this investigation might accentuate regulatory scrutiny within financial sectors. Employing historical patterns, they note infrastructural audits may become standard procedures for public trust restoration, affecting future financial governance.