U.S. Federal Reserve Chair Jerome Powell speaks during a press conference, following the issuance of the Federal Open Market Committee's statement on interest rate policy, in Washington, D.C., U.S., September 17, 2025. (Reuters/Elizabeth Frantz)
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The US Justice Department is not reopening a criminal probe into former Federal Reserve Chair Jerome Powell for cost overruns related to the central bank’s building renovation project, a DOJ spokesperson said on Friday.
Attorney General Todd Blanche, in comments to Bloomberg News, which first reported the development, said he has not ruled out continuing to look into the project’s oversight and potentially take action if evidence of wrongdoing came to light.
The Fed’s Inspector General on Wednesday said it found no grounds for a criminal referral or evidence of administrative misconduct tied to the project cost overruns, but its conclusion there was lax oversight drew a fresh call from President Donald Trump for Powell’s resignation. Powell has remained at the Fed as a governor since stepping down as chair in May.
(Reporting by Andrew Goudsward in Washington; additional reporting by Natalia Bueno Rebolledo in Mexico City, Editing by Franklin Paul)
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