DOJ Closes Probe into Powell Over Fed Renovation Overruns

The U.S. Justice Department announced it will not reopen a criminal investigation into former Fed Chair Jerome Powell after an Inspector General report found no evidence of wrongdoing, despite criticizing lax oversight that fueled overruns from $1.3 billion to $2.4-$2.5 billion.

Attorney General Todd Blanche said Powell fell short on management but that errors in big projects aren't crimes, leaving room for review if a new independent audit uncovers issues. President Trump called the overruns disastrous due to Powell's leadership failures, while new Chair Kevin Warsh has ordered that audit. Powell remains on the Fed board amid lingering questions about accountability.