
DoJ declines to reopen investigation into former Fed chair Jay Powell
Kevin WarshâÂÂs predecessor had been investigated over cost overruns related to central bank renovation project
The US â justice department is not reopening a criminal investigation into former Federal Reserve chair Jerome Powell â for cost overruns â related âÂÂto the central bankâÂÂs building renovation project, a department spokesperson said on Friday.
Attorney general Todd â Blanche â in comments to Bloomberg News, which first reported the development â said he has not ruled out â continuing to look into the projectâÂÂs oversight and potentially take âÂÂaction if evidence of âÂÂwrongdoing came to âÂÂlight.
The FedâÂÂs inspector general on Wednesday said it found âÂÂno 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 for PowellâÂÂs resignation from Donald Trump, who across his two presidencies has been a vociferous critic of Powell.
Powell has remained at âÂÂthe Fed as a governor since stepping down as chair in May.
His successor as Fed chair, Kevin âÂÂWarsh said, on Thursday he would hire an independent auditor to âÂÂverify accuracy and complianceâ for all of the projectâÂÂs costs.
Blanche told Bloomberg News that if the new review found any evidence â of criminal wrongdoing, the justice department could investigate.
At his final âÂÂpress conference âÂÂas Fed chief in âÂÂApril, Powell said he would not leave the âÂÂcentral bankâÂÂs board âÂÂuntil this âÂÂinvestigation is well and âÂÂtruly over, âÂÂwith transparency and finalityâÂÂ.
A Fed spokesperson had no immediate comment on BlancheâÂÂs statements.
