The U.S. Department of Justice has decided not to reopen a criminal investigation into former Federal Reserve chair Jerome Powell regarding cost overruns related to the central bank’s building renovation project. This announcement was made by a department spokesperson on Friday.
Background
Attorney General Todd Blanche commented to Bloomberg News, which first reported the development, stating that while the investigation will not be reopened, he has not ruled out the possibility of further scrutiny into the project’s oversight. He indicated that the department could take action if new evidence of wrongdoing emerges.
On Wednesday, the Fed’s inspector general reported that there were no grounds for a criminal referral or evidence of administrative misconduct linked to the cost overruns. However, the inspector general's conclusion highlighted lax oversight, prompting renewed calls for Powell’s resignation from former President Donald Trump, a long-time critic of Powell.
