U.S. Justice Department Declines to Reopen Inquiry Into Jerome Powell’s Renovation Cost Excesses
The U.S. Justice Department has declined to reopen a criminal investigation into former Federal Reserve Chair Jerome Powell regarding alleged cost overruns linked to the central bank’s recent building renovation project, a spokesperson confirmed on Friday.
Attorney General Todd Blanche told Bloomberg that while he has not ruled out deeper scrutiny of the project’s oversight, he also warned that the government could take action if evidence of wrongdoing surfaces.
The Federal Reserve’s Inspector General reported that it found no grounds for a criminal referral or evidence of administrative misconduct connected to the cost overruns, though it flagged lapses in supervisory control, reigniting calls for Powell’s resignation under then‑President Trump.
Jerome Powell has remained on the Federal Reserve Board as a governor since stepping down as chair in May.
His fellow commissioner, Kevin Warsh, announced Thursday that he will appoint an independent auditor to verify the accuracy and compliance of all expenditures tied to the renovation project.
During his final press briefing as Fed chief in April, Powell pledged to stay on the Board until the inquiry concludes with full transparency, stating he would not depart until the matter is resolved.
A Federal Reserve spokesperson offered no further comment on Blanche’s statements.
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