DOJ Declines to Reopen Criminal Probe into Former Fed Chair Jerome Powell

On October 2, the U.S. Department of Justice announced that it will not reopen a criminal investigation into former Federal Reserve Chair Jerome Powell concerning the central bank’s multibillion-dollar headquarters renovation. The decision was conveyed by a DOJ spokesperson, confirming that the probe will remain closed. Powell, who stepped down as chair in May, continues to serve as a Fed governor.

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The investigation stemmed from cost overruns on the Fed’s headquarters renovation project. The inspector general’s findings, released earlier in the week, formed the basis for the DOJ’s review.

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Attorney General Todd Blanche told Bloomberg that the Justice Department is not reopening the criminal investigation but has not ruled out future action should new evidence of wrongdoing emerge. President Donald Trump responded on Truth Social, demanding Powell’s resignation and questioning his ability to manage both the building project and monetary policy. Powell has not faced any criminal charges and remains on the Fed’s Board of Governors.

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• The renovation project is described as a “multibillion-dollar” undertaking.

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• The inspector general’s review identified oversight failures but found no criminal conduct.

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• “We're not reopening a criminal investigation into him,” — Friday. Blanche

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• “He can't manage a Building, and he certainly shouldn't be allowed to manage his High Interest Rate Policy (only on 'TRUMP!'),” — Donald Trump, president

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