DoJ declines to reopen investigation into former Fed chair Jay Powell
Summary
The U.S. Department of Justice (DoJ) has decided not to reopen a criminal investigation into former Federal Reserve chair Jerome Powell regarding cost overruns in a Fed building renovation. The Fed’s inspector general found no criminal or administrative misconduct but noted poor oversight of the project.Key Facts
- The DoJ will not reopen a criminal probe into Jerome Powell related to building renovation cost overruns.
- Attorney General Todd Blanche said the investigation might continue if new criminal evidence appears.
- The Fed’s inspector general found no proof of wrongdoing but criticized weak project oversight.
- President Donald Trump has called for Powell’s resignation over this issue.
- Jerome Powell stepped down as Fed chair in May but remains on the Federal Reserve Board.
- Powell’s successor, Kevin Warsh, plans to hire an independent auditor to check all project costs.
- Blanche indicated the DoJ might investigate further if the auditor finds criminal evidence.
- Powell stated he would stay on the Fed board until the issue is fully resolved with transparency.
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