DOJ says it will not reopen criminal probe into former Fed Chair Powell
The confirmation comes after the Fed's inspector general report that said there were no grounds for a criminal referral over the mismanaged headquarters renovation.
TL;DR
- The Department of Justice will not reopen a criminal investigation into former Federal Reserve Chair Jerome Powell.
- The investigation pertained to the central bank's multibillion-dollar headquarters renovation.
- The Justice Department's decision follows a Federal Reserve inspector general report that found no reasonable grounds for a criminal referral.
- The inspector general's report did, however, cite major management and oversight failures contributing to the project's cost overruns.
- President Donald Trump criticized the decision, stating Powell should be forced to resign.
- A previous Justice Department investigation into the renovation was closed after a federal judge quashed subpoenas.
- Powell remains on the Fed's Board of Governors until January 31, 2028.